April 28 is the launch of FarmWorks, a new Community Economic Development Investment Fund (CEDIF), designed to encourage investment in agriculture by Nova Scotians.
The provincial CEDIF program allows residents looking for meaningful, yet rewarding, investment opportunities, to put their money to work for themselves and the local community.
The Just Us Fair Trade Investment Co-operative has been operating for some years. In Lunenburg, Covey Island Boatworks has set up the Lunenburg Working Waterfront Investment Fund. The Chebucto Wind Field is part of a family of community windfields which operates in the Halifax Regional Municipality. Nova Scotia’s Ocean Links golf and lifestyle community offers tax credits, RRSP eligibility, golf course ownership, and lifetime membership opportunities.
FarmWorks will give Valley residents the option to shift two per cent, or even 10 per cent, of their investments to local agriculture. That way, Linda Best says, millions of dollars worth of new economic activity could be generated.
Most of the money invested by Nova Scotians leaves the province, Best says, and supports external economies.
“Following that money leads to youth and adults and opportunities missing from rural areas.”
Investing in CEDIFs can qualify an investor for a 35 per cent provincial non-refundable income tax credit, making them an attractive investment for many Nova Scotians. Along with this potential tax benefit, there is also the satisfaction of investing in and supporting local communities. CEDIFs are also eligible investments for Self-directed RRSP accounts, which comes with an additional tax benefit.