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What are Flow-Through Shares?
Flow-through shares are financial vehicles used by governments to attract investment into high-risk companies.
- In Canada, flow-through shares are used exclusively in mining exploration.
- The UK has two similar programs called EIS and SEIS, which are for early-stage high-risk UK businesses.
- Australia has a similar program called the the JMEI for mineral exploration.
For each of these programs, investors are incentivized to invest in high-risk companies through various means, including: income deduction via renounced, income tax relief, and tax credits.
Each of these had a significant financial impact: In the UK, EIS + SEIS have combined to total approximately £34 billion for 59,000 companies. In Canada the Mining Flow Through Shares have generated $2.55B for almost 3,000 junior mining firms.
There is an opportunity for Canada to use this type of incentivized financial investing for junior high-tech startups.
Flow-Through Shares
Let's Fund Canadian Innovation for Canadians
Capital Unlocked
A proven tax incentive that directs private investment into Canadian innovation.
IP Retained
Keep ownership of ideas and ideas here in Canada, where it's created.
Wealth Increased
Canadians supporting scale-ups, job creation and the growth of national prosperity
Why It Matters for
Canada
Too many Canadian startups are forced to sell early or move south to survive. We lose intellectual property, future tax revenue, and the ability to build national champions.
Meanwhile, Canadian investors miss out on owning the technologies that define the future, and Canada loses out on the intellectual property.
This has led to a dangerous cycle. The brightest minds leave, high-potential companies disappear, and Canada becomes a place that builds for others. Flow Through Shares for tech offer a practical, proven way to break that cycle.
Make Your Voice Heard
Tell the government of Canada how Flow-Through Shares for tech can impact Canada.
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What We Need
to Make This Happen
01
Understand the Opportunity
Learn how this policy can change Canada’s future.
02
Get Our Government to Act
We need national support to expand this proven tool.
03
See How You Can Impact
Your voice and network can help shift policy.
The Economic Impact
The Economic Impact
When Canadian companies are better funded at home, founders don’t need to move to the U.S. to scale. Talented teams stay together, remain invested in the local economy, and build long-term careers here. This creates a vibrant innovation ecosystem that retains our best minds and attracts global interest without losing control.
Grow Domestic Wealth
This policy unlocks opportunities for middle-class investors, not just institutions. It allows Canadians to participate in the success of the businesses they believe in. By backing startups earlier, we create a larger base of wealth built around innovation — not extraction — with benefits spread across generations.
Boost Tax Revenue
Companies that grow in Canada hire locally, pay taxes here, and reinvest in Canadian communities. A thriving tech sector increases income tax, payroll tax, and corporate tax revenue. Rather than relying on government grants, we create a self-sustaining system that rewards risk-taking and supports national prosperity.
Scale Innovation at Home
The industries that will define the next 50 years — artificial intelligence, cleantech, biotechnology, advanced computing — are already emerging here. But without capital, we lose them. Directing investment to Canadian innovators ensures we build companies of scale that stay rooted in Canada and compete globally.
Case Studies
Canada’s Mining Sector
$1B+ raised in 2024 alone through Flow Through Shares
70+ years of proven impact in resource exploration
Flow Through Shares have powered Canada’s mineral exploration sector for over 70 years. In 2024 alone, more than $1 billion in capital was raised using this mechanism. It has allowed junior mining companies to attract private investment for exploration, often in remote or risky areas where capital would otherwise be unavailable.
This same approach can be applied to technology. Like mining, tech startups carry early-stage risk and require upfront capital to develop high-value assets. When Flow Through Shares were used in mining, they helped Canada build a globally respected exploration sector. Now it’s time to apply the same model to build globally respected technology companies — and keep them here.
United Kingdom: EIS & SEIS Fuel Startup Investment
£2B+ invested annually through tax-advantaged schemes
Over 30 years of proven support for entrepreneurs
The UK has created one of the world’s most effective systems for channeling private capital into early-stage companies. Through the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS), investors receive significant tax reliefs that reduce risk and increase returns.
EIS offers 30% income tax relief on investments up to £1 million annually, along with capital gains tax deferral. SEIS goes even further for the earliest startups, providing 50% tax relief on investments up to £100,000, plus complete exemption from capital gains tax on growth.
These mechanisms have transformed the UK into a hub for entrepreneurial finance, fueling innovation across sectors from technology to life sciences. Just as Flow Through Shares supported Canada’s mining sector, EIS and SEIS have given UK startups a competitive advantage by attracting private capital at their riskiest stages. It is a model that proves tax policy can drive investment, innovation, and long-term economic growth.
Australia: JMEI Supports Resource Innovation
A$1.1B+ raised since 2017 through exploration incentives
A$182M in tax credits issued to investors
Australia’s Junior Minerals Exploration Incentive (JMEI) allows resource companies with no taxable income to pass exploration credits directly to investors. These credits translate into tax offsets, reducing investor risk and increasing after-tax returns.
Since its introduction in 2017, JMEI has helped raise more than A$1.1 billion in exploration funding, fueling projects across Australia’s vast mineral landscape. By making early-stage exploration more attractive to investors, the program strengthens Australia’s global position in resource development.
The JMEI model demonstrates how targeted tax incentives can unlock private capital for high-risk, high-reward ventures. While currently limited to mining, the same approach could be extended to technology and innovation sectors, driving new waves of Australian entrepreneurship and discovery.
Flow-Through Shares for High Tech can Transform Canadian Innovation
Flow-Through Shares have been an incredible success for the Canadian Mining industry. And similar vehicles in the UK and Australia have been great successes too.
The Team
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