of the capital cost of the property. This credit is partially refundable and can be carried forward 20 years or back three years. Nova Scotia, New Brunswick and Newfound-
land and Labrador all offer an extra credit of 15 per cent on top of the federal government's scientifi c, research and experimental development program. Although Prince Edward Island does not offer these top ups, the province offers a signifi cant non-tax in- centive in the form of the Innovation and Develop- ment Labour Rebate.
Securities Regulation
In addition to the corporate law features and tax incentives, securities regulators in New Brunswick and Nova Scotia have programs aimed at promot- ing investment in early-stage ventures. The New Brunswick Securities Commission has a legislated mandate to foster fair and effi cient cap- ital markets and has been particularly active in fos- tering capital markets development through an in- itiative called Fullsail. Fullsail's mandate is achieved through four strategic pillars: research to discover best practices; education through Fullsail's educa- tional arm called Learning the Ropes; action which includes consultation with key infl uencers to iden- tify barriers to raising capital in the province; and progress reporting to stakeholders on the program's achievements. In Nova Scotia, a business meeting commun- ity development goals may qualify as a Commun- ity Economic-Development Investment Fund, or CEDIF, allowing the qualifying business to raise
capital from the public in Nova Scotia using a simplifi ed form of disclosure document and with- out becoming a reporting issuer. Some continuous disclosure obligations apply, but these are much less onerous to comply with than those applicable to re- porting issuers.
Conclusion
In addition to the incentives to investing in Atlantic Canada discussed in this article, readers should be aware that there are many additional benefi ts of- fered to angels investing in this region that have not been highlighted in an article of this length. If you are considering investing in Atlantic Canada, your Stewart McKelvey advisor can assist you in navigating the many attractive options.
Allison McCarthy, partner Fredericton, N.B. 506.444.8977
amccarthy@stewartmckelvey.com
Gavin Stuttard, partner Halifax, N.S. 902.444.1709 gstuttard@stewartmckelvey.com
Adam Bata, articled clerk Halifax, N.S. 902.420.3200 abata@stewartmckelvey.com
Stewart McKelvey proudly celebrates over twenty years of innovative leadership as Atlantic Canada's fi rst and largest regional law fi rm. With a distinguished heritage reaching back to Canada's confederation, our law fi rm has established an international reputation for generating results. More than 220 lawyers and over 300 staff in our six locations have a single objective: the best results for our clients.
Charlottetown, Prince Edward Island 65 Grafton Street, P.O. Box 2140 Charlottetown, P.E.I., C1A 8B9 Telephone: 902.892.2485 Fax: 902.566.5283 charlottetown@stewartmckelvey.com
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