‘comments:

Finance minister wants

From Page 28
Under the old rules, half
of any capital gain (a profit
made by buying and selling
property or shares) was tax-
able. But investors will soon

;be able to earn up to a

cumulative total of $500,000

‘without paying a penny in

taxes on these profits.

This, says Wilson, will en-

“not limited to investment in

‘Canadian companies. The
money could wind up
anywhere.

Wilson, however, only
“} want to en-

courage risk taking, but in a

“way that lets the investor
‘choose where to invest.”

TORONTO.

return airfare

from *268

|} LOS ANGELES
q trot 199 return

‘CENTATRAVEL

980-0321

The budget also tries to
funnel money into business
in a more direct way. Under
its proposed rules up to 50
per cent of the funds in an
RRSP can new be invested
in a Canadian controlled
public corporation. The only
catch is that the RRSP and
the business must be at
arm’s length.

business, it does allow your
friends to invest their RRSP
money in your company. As
an added perk, an RRSP
wit’: an investment in a small
Canadian business will be
permitted to include a larger
than normal! percentage of
foreign investments.

to encourage risk-taking

The federal budget calls
for the creation of some-
thing called the small
business investment corpora-
tion (SBIC). SBICs_ will
redirect RRSP money to
‘*small’’ businesses (which
are defined as having assets
totalling below $25 million).

The budget also calls for
small business investment
limited partnerships

Remember, however, that
getting money from a SBIC
or SBILP will take just as
much preparation as asking
for a bank loan. You will
need to prepare both finan-
cial statements and business
forecasts and make a formal
presentation.

A 22 DAYS GROUP TOUR
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Presents

courage ‘investment in While the ‘‘arm’s length’? (SBILPs) to be created. La. ,
‘business. But critics of the rule prohibits you from These are also designed to 0 air new ZEdaLain
budget point out that the directing money in your link small business with in- ,
capital gains exemption is RRSP into your own _ vestment capital, ’

29 - Sunday, August 18, 1985 - North Shore News

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