Return On Innovation Advisors Ltd. to Not Renew Prospectus of Return On Innovation Fund Inc.
21 Jul, 2015, 17:37 ET
TORONTO, July 21, 2015 /CNW/ - Return On Innovation Advisors Ltd. ("ROI Capital"), the manager of Return On Innovation Fund Inc. (the "ROI Fund"), today announced that it will not renew the prospectus of the ROI Fund. Effective August 28, 2015, the lapse date of the current prospectus, the ROI Fund will no longer accept additional investments. The decision not to renew the prospectus is due to the reduction and eventual elimination of the 15% Federal Labour Sponsored Venture Capital Corporation ("LSVCC") tax credit, which was passed into law on December 12, 2013. The Federal LSVCC credit for the 2015 taxation year was reduced from 15% to 10%, will be reduced to 5% for the 2016 taxation year and will be eliminated in 2017 and for all subsequent taxation years.
About ROI Capital
Established in 2002, ROI Capital is a privately held Canadian investment management firm that specializes in commercial mortgages, loans and private investments. ROI Capital provides a diverse range of investment funds with assets under management of $202 million as of June 30, 2015. Website: www.roicapital.ca.
SOURCE ROI Capital
For further information: Wilfred Vos, Bcs, FMA, CIM, CFP, FCSI, DMS, CBV, MBA, CFA, President and Founding Partner, 416 361-6162
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