Nova Scotians Continue to Invest in their Communities

Last year, Nova Scotians supported local communities and businesses by investing more than $5.4 million in Community Economic Development Investment Funds (CEDIFs).

Shareholders, directors, government officials, academics and supporters met today, Aug. 24, for the program's annual general meeting.

"CEDIFs encourage innovation, entrepreneurship and productivity throughout the province by allowing Nova Scotians to keep investment capital in their local communities," said Percy Paris, Minister of Economic and Rural Development and Tourism.

In 2010, the province raised the program's equity tax credit from 30 to 35 per cent to further encourage investment.

"The Colchester-Cumberland Wind Field has been able to raise share capital through the province's CEDIF program. Since 2007, the company has been able to bring in more than $1.2 million for the development of its wind field," said David Stevenson, president, Colchester-Cumberland Wind Field. "In addition, the CEDIF tax credits allow us to reach even more investors from across the province."

The success of this program has encouraged government to include it as part of its Renewable Electricity Plan.

The program has become a model for other provinces. P.E.I. is working on its first set of funds, which should be out in time for the next tax season. Officials in New Brunswick are also examining this kind of program.

Over the past 11 years, the program has successfully grown to include more than 47 funds. More than 5,600 Nova Scotians have invested a total of $45 million in small- to medium-sized local companies in areas such as agriculture, renewable energy, fair-trade and organic products, retail, performing arts and other businesses.

For more information about the program, visit www.gov.ns.ca/econ/cedif/ .