CATA calls for elimination of key barrier to US VC

The Canadian Advanced Technology Alliance (CATA) has launched a campaign to persuade the federal government to rescind cross border tax laws that it says are preventing Canadian high-tech firms from accessing US venture capital. Called the 116 Campaign in reference to the Section 116 clearance certificate, CATA contends US VC is not making its way into Canadian companies at a time when Canadian VC is difficult to obtain. The certificate is required for every investor in a US venture fund, meaning that often hundreds of certificates must be obtained for a single investment to proceed. CATA says this and other types of regulation are crippling industry's ability to capitalize on the $9 billion in public R&D funding spent annually....