KINGSTON, Jan. 29 /CNW Telbec/ - Milt Isaacs, chair of the Association of
Canadian Financial Officers (ACFO) and sponsor of the largest Ontario LSIF,
asked the Ontario government to stop the phasing-out of the provincial tax
credit for Labour-sponsored investment funds.
Flanked by representatives of the Canadian Police Association and the
Professional Institute of the Public Service of Canada and with support from
other labour groups, Milt Isaacs stated, during a presentation to the Standing
Committee on Finance and Economic Affairs, that the Committee members should
recommend to the Minister of Finance that "the tax credit should be confirmed
and that the announced phase-out be cancelled."
Mr. Isaacs also reminded Committee members of the statement made to his
Association by the former Minister of Finance, the Honourable Greg Sorbara,
soon before the election. The former Minister had said that: "the government
would look back at the steps it had taken in regards to LSIF and see how, in
the future, they can be involved in the venture capital market in Ontario."
The Labour-sponsored investment fund program is a successful one,
thriving in almost all of the other Canadian provinces. The program repays the
provincial investment in about a year and has provided over 200 companies with
investments of over $3 billion, creating over 27,000 high-value jobs and
lowering unemployment by 0.3%. Successful companies include Research-in-Motion
and other high-tech companies.
"Ontario needs to decide whether it will be leading the pack in terms of
the new economy or whether it wants to follow. It needs to decide if it wants
high-tech firms to stay or move out of the province," said Milt Isaacs. LSIFs
are part of the winning strategy to strengthen our economy.
The Association of Canadian Financial Officers represents the Financial
Management Group (FI) of the Public Service of Canada. Its members are
financial officers employed in 54 departments and agencies throughout
government. Almost 3,000 financial professionals are members of ACFO, and most
hold professional accounting designations or business degrees. Two-thirds of
its members are located in the National Capital Region, with the balance in
the regional organizations of departments.
For further information:
For further information: or to arrange an interview, please contact:
Milt Isaacs, Chair, Association of Canadian Financial Officers - (613)