Ontario Liberals pledge startup tax credit

With an Ontario provincial election just four weeks away, the governing Liberals have served up an election platform that includes tax credits for angel investors and big-name institutions who put money into the province’s smaller firms.

The Ontario Liberals' election platform contains a section devoted to creating jobs in the innovation sector and includes major tax credits for angel investors and institutions who invest in startups.

Details for such an initiative are still being finalized, but the Globe and Mail wrote today that the Liberals are considering a 35 per cent tax credit for both angel investors and institutions who invest in startups.

The sectors eligible for this tax credit include technology, media, telecom, clean tech and life sciences, and companies who hope to offer their investors this tax break would have to be pre-approved by the government.