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If an American VC firm opens an office in Toronto, does that count as Canadian VC money?

Seems like a good idea for American VCs to open incubators in Canada. Would allow them to global deal flow while only worrying about the regulations of Canada. Plus its quicker to fly there.

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The Angel's and VC's need to be "designated." So simply starting a firm in Canada may not grant the firm access to this program. Looking through the very short list of "designated" VC's it is quite obvious (from a Canadian's point of view) that these are all very well established Canadian companies.

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