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(December 14, 2007) On Thursday the Ontario government announced that it is extending the phase-out of the Labour Sponsored Investment Fund tax credit and increasing the maximum eligible investment.

This was revealed during the government’s 2007 Ontario Economic Outlook and Fiscal Review, which also saw the cutting of capital tax rates for business and an extension of the lower small-business corporate income tax rate to even more small businesses.

The LSIF tax credit was supposed to have been phased out by 2010, but the Liberals have extended that by a year. And in doing that, the government has also reduced the tax credit rate in 2010 and 2011 from 15% to 10% and 5% respectively.

It was also proposed that the maximum investment that qualifies for the provincial tax credit be increased from $5,000 to $7,500.

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Desjardins Group president to step down

(December 14, 2007) On March 29, 2008, Alban D’Amours, Desjardins Group’s president and CEO, will step down. He’s been president of the company since 2000.

Since one can serve as president and CEO for only two consecutive four-year mandates, Amours can’t run for another term at Quebec’s largest financial institution.

To select his successor, an “electoral college” of 256 Desjardins caisse/branch delegates will hold a vote on March 15.

Once elected, that person’s job will be to represent the interests of the caisse and its members.

The election process starts on January 21, when people will have a week to nominate a replacement. From January 29 to March 8, candidates will meet with members of the electoral college, and a week later ballots will be cast.

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Wellington Financial gets in the charitable giving mood

Christmas isn’t called the season of giving for nothing. Wellington Financial announced Friday that it will match, dollar for dollar, what it made this year from its loan portfolio and general partnership businesses.

The money will go to its 2008 charitable donation program.

The company also noted Friday that it had reached its goal of raising $170,000 for a new, state-of-the-art neonatal echocardiography imaging machine at the Neonatal Intensive Care Unit at Sunnybrook Health Sciences Centre.

In 2008 Wellington Financial will focus on raising money for the Women & Babies program at Sunnybrook.

(12/14/07)