There are four major factors that can be affected to help build a vibrant healthy economy which include personal consumption, investment, government spending, and the number of exports beyond the number of imports. The CEDIF program primarily addresses two of these factors to build our regional economy: Increased regional investment and larger capacity for government spending through building a larger tax base.
As it stands, Nova Scotians are funneling their invested dollars to large economic centers in Canada rather than capturing capital investment here in the region.
“Statistics Canada data indicates that approximately $600 million was contributed to RRSPs by Nova Scotia taxpayers, however, less than two per cent of that is estimated to have been re-invested in the Province.”- Economic and Rural Development and Tourism
Your investment in a Nova Scotia CEDIF helps strengthen and diversify community economies as the economic benefit of each dollar invested in the local economy is exponentially greater than investment dollars funneled to economic centers of Canada. Injection of additional capital into the region results in more regional spending, which creates more income, and so on, eventually resulting in a healthy, sustainable and vibrant economic environment.
Increasing the Tax Base
Taxes are the Government of Nova Scotia’s primary income stream. A significant challenge to increasing public revenue is the limited number of methods and techniques the Government can apply to increase public revenue. Levying additional taxes or increasing the taxes already in effect is largely considered an unfavorable approach. Alternatively, government programs that promote income and economic growth within the community increase public revenue by increasing the number of taxable businesses and people.