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Frequently Asked Questions About LSIFs

What is the maximum investment in a LSIF?

The maximum investment in Ontario eligible for tax credits is $7,500 based on the new Legislation tabled in December 2007.

What is the maximum allowable tax credit?

The maximum allowable Ontario Tax Credit is $1,125, representing 15% of the maximum investment of $7500 and an additional $750 from a Federal Tax Credit on the first $5000.

Who claims the tax credit when a spousal contribution is made?

Federal and Ontario Tax credits may now be claimed by either the contributing spouse of a spousal RRSP (contributor) or the spouse (annuitant) where a spousal RRSP investment is made.

How long are my funds locked-in?

Lock-in period or hold period of shares must be held for 8 years in all cases. No exemptions for shareholders aged 65, retired or ceasing to be a resident of Canada. If a shareholder redeems prior to the 8 year hold the Federal and Ontario Tax Credit must be repaid. Shares may be redeemed without any restrictions when the shareholder has died, becomes disabled and permanently unfit for work, or becomes terminally ill.

Are investments in LSIF risky or volatile?

Investing in LSIF's is considered a higher risk. However, volatility in public equities do not always coincide with venture capital. Since LSIF's invest primarily in private companies, market swings aren't as relevant. The best strategy is to hold a diversified portfolio of mutual funds, to help protect you against market downturns. Spreading your assets over a number of different investments increases the diversification of your portfolio and reduces overall volatility.

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