A Community Economic and Development Investment Fund (CEDIF) is a pool of capital which is raised from individuals within Nova Scotia to invest in for-profit entities within a defined community. These funds are controlled by a local group of officers and directors, who may be chosen by the founders and promoters of the CEDIF or by the CEDIF’s investors at an annual general meeting.
To establish a CEDIF offering the applicants must prepare and file the Form 1 Simplified Offering Document and receive from the Director of the NSSC as well as an Equity Tax Credit (ETC) from the Minister of Finance. Once these are in place, the CEDIF can raise capital through an exempt public offering in Nova Scotia and advertise its shares to the public in Nova Scotia.
Frequently Asked Questions and Other Information
What Happens if I invest in a CEDIF through a RRSP?
Important Nova Scotia Securities Commission Financial Statement Filings and Cease Trade Orders
Department of Finance - Equity Tax Credit
To assist CEDIF participants in understanding and applying community economic-development corporations regulations (CEDC Regulations), the Nova Scotia Securities Commission staff has compiled this summary of questions and NSSC staff responses.
- The Offering Document FAQs (updated August 11, 2016)
- Continuous Disclosure FAQs (updated August 11, 2016)
- General FAQs
- ComFit FAQs
- Understanding the CEDIF application process presentation
- Investment Fund Manager requirements
Nova Scotia securities law apply to CEDIFs. Some latitude is given to the programme in the following:
- Blanket Order 13-501 (Dated: Oct. 31/03 Re: Schedule A to Form 2A and to Form 2 to be held in confidence)
- NSSC Policy 45-601 (Dated: Jan. 17/14 Re: Investment Funds)
- Blanket Order 45-521 (Dated: Jan. 17/14 Re: Investment Funds)
- Blanket Order 45-523 (Dated: April 22/14 Re: Promotional Material)
- NSSC Notice 45-706 (Dated: Oct. 31/03 Re: Prescribed Form 2A)
- Blanket Order 51-504 (Dated: April 13/11 Re: Financial Statements)
Forms and Other Documentation
The following forms are being provided for your convenience
- Form 1 - Offering Document (Version: Feb. 6, 2017)
- Amendment to Offering Document
- Expression of Interest(sample)
- Equity Tax Credit Application Form
- Form 2A - Report of Trade (for initial close and subsequent closings)
- Form 2A - Report of Trade (for initial close and subsequent closings)
- Subscription Agreement (sample - Word)
- Subscription Agreement (sample - PDF)
- Advertising/Promotional Disclaimer
- Form 2 - Report of Trade (Updated March 23, 2015)
- Material Change Report