Tax-free for Canadians
Canadians are to enjoy tax exemption from stocks purchased on the Jamaican Stock Exchange (JSE) as of April 1, Arnaldo Brown, minister of state in the Ministry of Foreign Affairs and Foreign Trade, has said.
The minister was speaking at the Jamaica Association for the Resettlement of Returning Residents (JARRR) Conference at the Jamaica Conference Centre yesterday.
The Canadian government had previously announced that as at June 2014, Canadian investors were exempt from taxes on the income derived from stocks purchased on the Jamaican Stock Exchange.
The Canadian high commissioner to Jamaica Robert Ready, noted these changes to the Income Tax Act while speaking at the Jamaica Stock Exchange Best Practice Awards on December 3, 2014. He said that this development "will be more attractive to Canadian pension funds, investment managers and investors, including the diaspora".
With the implementation of measures to facilitate Jamaican Canadians purchasing Jamaican stocks, Brown is urging members of the diaspora to invest in the Jamaican stock market. He also said that this would be the main focus at the Jamaica Diaspora Conference to be held in June.