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Ministry of Technology, Trade and Economic Development

Venture Capital Programs

AUDIT 

As per section 30 of the Small Business Venture Capital Act, the Investment Capital Branch is authorized to conduct random examinations of program registrants’ company records.

Common issues identified as a result of previous random examinations include:

  1. Annual returns not filed in accordance with sections 28.97 and 29 of the Act.
  2. Prohibited use of funds in accordance with sections 12 and 28.93 of the Act.
  3. Prohibited transfer of shares in accordance with regulation 3.1 of the Act.

Please review the Act to ensure that your company is not operating in a prohibited manner. Note that contravention of the Act may lead to suspension and revocation of your company’s registration and a demand for repayment of tax credits previously issued. If you have any questions regarding the requirements of the Act, contact your portfolio manager.