PRINT THIS PAGE Canadian budget 200101/02/2002. Source: Canadian government.
The latest federal budget, in Canada made changes to its rules on limited partnerships and amended the Income Tax Act to encourage more venture capital financing from domestic and foreign investors. One of the changes will mean that US investors will be able to participate in Canadian limited partnerships. Non-resident members of a partnership will no longer be considered to be doing business in Canada if a Canadian firm runs the partnership. The amendment to the Income Tax Act would eliminate the need to establish a separate partnership for U.S. investors in order to avoid being taxed in both countries - a hurdle that makes it tough to attract foreign investment.
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