Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: P2P, Lending, Digital Bonds, BNPL, Private Credit
NCFA Submission to Ontario Ministry of Finance: Urgent Need for Regulatory Change
NCFA Canada About Us | Internal Working Committee | Nov 4, 2017
Ontario's Crowdfunding Requirements are Market Stifling
Nov 4, 2017 Toronto -- Canada’s crowdfunding regime must be competitive, in line with global trends, and ‘smarter’ to enable wider access to small amounts of capital (i.e. < $5 million) by early stage companies. There is a ‘funding gap’ in the market as many smaller companies find it extremely challenging to raise funding. This means fewer innovative start-ups, fewer opportunities for investors and constraints on economic growth (and jobs).
Since the regulatory regime came into force on Jan 25, 2016, the National Crowdfunding Association of Canada (NCFA) has conducted numerous stakeholder consultations which overwhelmingly tell us that the current requirements are overly prescriptive, complex and burdensome (costly). They restrict crowdfunding to a limited number of investors and discourage smaller issuers and licensed dealers from participating.
As a result, Ontario and Canada are falling behind international comparators such as the United Kingdom (U.K.) and the United States (U.S.). Companies and investors are reluctant to participate due to the high costs (relative to the small financing size), unwarranted transactional and ongoing regulatory burdens, and educational gaps. This pushes many talented entrepreneurs, investors and key stakeholders to overseas jurisdictions that understand (and support) innovation and the economic potential of start-ups and small businesses.
In its 2017 Ontario Exempt Market Report, the Ontario Securities Commission (OSC) confirmed that M1 45-108 had not been used at all in Ontario. A small number of issuers have used online platforms to raise capital under the Accredited Investor or Offering Memorandum exemptions. In the NCFA’s view, this warrants further analysis and changes to the existing regime.
The U.K. has a more innovative risk-based regulatory approach that is acknowledged to be world class and is highly adaptive to emerging technologies. NCFA strongly encourages Canadian regulators to study its approach. The U.K. also has assumed a leadership role with incentives and funding to support early market traction and education. In the U.K., crowdfunding activity continues to flourish, representing 25% of all equity deals announced in 2016.
The U.S. has also made significant progress with 134,000 small businesses benefiting from crowdfunding in 2016 (some of which are Canadian) versus only 7,450 in Canada. In the U.S. there is an ongoing effort to fix bugs and improve regulation with a focus on protecting investors and providing improved opportunities for smaller entrepreneurs and investors to generate wealth (e.g. “H.R. 4855 Bill “Fix Crowdfunding Act” passed by the House on July 6th, 2016).
While NCFA has participated in numerous key stakeholder fintech consultations with a wide range of regulatory and competition agencies such as the MoF, BCSC, OSC and the Competition Bureau there is:
"Urgent need for regulatory change that must be addressed from the top down to ensure these issues have a political champion with the mandate to reduce critical barriers that limit economic growth and Canada's ability for fintech innovations and peer to peer distributed technologies to be globally competitive.", said Craig Asano, CEO, NCFA Canada.
Thanks to the NCFA internal working committee on regulations and governance, lead by NCFA Advisor, Robin Ford and the numerous individuals and companies that participated to prepare the submission, and/or participate in various meetings with government agencies, such as the MoF, BCSC, OSC and Competition Bureau across the country to foster Canadian fintech competitiveness and help reduce barriers for both new entrants and operators looking to scale and remain competitive with international trends.
"The current regulatory approach to crowdfunding is not working. We are sending our innovators and entrepreneurs to the US for capital! Regulators, governments, and other stakeholders must collaborate on a more risk-based and flexible approach to this rapidly evolving sector while also recognizing that start-ups and scale-ups need a helping hand to unleash their economic potential" -- Robin Ford, NCFA Advisor and Regulations and Governance Committee Lead
Meeting with the Ontario Ministry of Finance
On October 20, NCFA met with with Ontario's MoF to discuss ways to enhance access to capital (esp. for small businesses), stimulate investment and improve competitiveness in line with international fintech trends & distributed technologies impacting Crowdfinance, P2P, Blockchain ICOs, Altfi and global digital marketplaces.
Call to Action:
- Work harder to harmonize and reduce unjustified regulatory burden: We strongly encourage the Ontario government, and the OSC, to work smarter (and harder) to streamline regulation across the country, reduce undue burdens that undermine cost effective capital formation for young companies (and that bear no relation to the risks presented by crowdfunding), and provide the required resources and support to encourage the crowdfunding sector and to improve Ontario’s competitiveness.
- Canada (Ontario) Needs a political champion to promote regulatory change: Industry needs to garnish support from the Ontario MoF to champion the proposed regulatory changes deemed the highest priorities for change based on data/evidence, consensus from wide stakeholder consultations and comparative analysis of Canadian markets with international jurisdictions such as the UK and the US.
- Address urgent pressing challenges and implement NCFA's proposed specific regulatory changes: such as lack of harmonization and mutual recognition, overly prescriptive rules (vs. risk/principles based regulatory approach), full service Sandbox with cohorts etc (vs current concierge service) and educational/resource gaps.
Download the Ontario MoF Submission --> PDF here
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada. Join Us! Learn more About Us or visit ncfacanada.org.
FintruX P2P Lending Ecosystem – Making Unsecured Loans Secure
Press release | FinTRUX | Oct 30, 2017
VANCOUVER, Oct. 30, 2017 /CNW/ - FintruX Network, a startup backed by tech experts Robocoder Corporation, plans to raise US$30 million selling digital tokens as it builds a global P2P lending highway based on blockchain technology.
FintruX aims to make unsecured loans highly secure. Harnessing over two decades of experience serving the securitization sector, this team from Canada applies cascading levels of credit enhancements to offer unprecedented risk reduction towards unsecured loans.
"Interest cost reduction is one of the most important motivations in securitization. It is often done via credit enhancement. We can apply the same principles to reduce the high interest rates normally associated with unsecured loans, making it attractive to both borrowers and lenders," explains Nelson Lin, the founder and CEO of FintruX. "Our goal at FintruX Network is to disrupt the way unsecured loans are being originated and administered".
This innovative concept solves three major issues for small businesses, especially startups, to borrow from accredited investors and financial institutions. By applying credit enhancements, FintruX Network seeks to neutralize the lender's credit risk and, in the case of a default, provide cascading levels of insurances to cover the loss – thereby increasing the overall credit rating and lowering interest rates simultaneously.
The four cascading levels of credit enhancement include over-collateralization as additional collateral, a local third-party guarantor, cross-collateralization as insurance, and FintruX ultimate protection reserve.
See: Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada
A unique smart contract is generated and deployed by FintruX Network for each individual borrowing at real time to provide unambiguous, immutable, and censorship resistant records where no arbitration is required. In addition to simplifying the loan application process via instant matching, FintruX Network also provides borrowers with post-funding self-serve administration options such as refinance and prepayment.
FintruX Network is a multi-sided marketplace and ecosystem that delivers value not just to borrowers and lenders, but also to third-party guarantors and specialized service agents. "This company is making borrowing and lending a no-brainer for both borrowers and investors," states Conrad Lin, co-founder and CMO of FintruX.
For additional information about FintruX Network, visit www.fintrux.com
About Robocoder
Founded in 1999, Robocoder Corporation is a global provider of mission-critical database applications, generated by its open-source, low-code development platform. Robocoder is a licensed Microsoft partner in developing mission-critical ISV solutions, including decentralized blockchain applications. For information, visit www.robocoder.com
SOURCE FintruX release
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada. Learn more About Us or visit ncfacanada.org.
Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada
Lending Loop | | Oct 18, 2017
TORONTO Oct. 18, 2017 – Lending Loop has officially helped provide financing of more than $10 million to small businesses across Canada. To date, the company, which is Canada’s premier peer-to-peer (P2P) lending platform, has helped over 180 small businesses in a variety of industries access funding to expand their businesses.
Speaking on the achievement, Lending Loop co-founder and CEO Cato Pastoll said:
“We’re excited to have hit this milestone in such a short period of time. It wouldn’t have been possible without the support of our rapidly growing community of 12,000 Canadians who are all helping to contribute to our collective success. Everyone knows how important small businesses are to the continued growth of our economy and we’re proud to be playing a part in helping their growth.”
Lending Loop’s unique P2P lending model allows Canadians across the country to lend their money to small businesses posted on Lending Loop’s online marketplace. These investors derive their return from the interest rate attached to each loan, which in turn corresponds to the risk rating of that business. By cutting out the banks and the middlemen, Lending Loop loans are often significantly more affordable than loans from other financial providers, with rates starting as low as 5.9%.
See: Lending Loop launches “Auto-Lend” after raising new round of funding
When asked about the milestone, Lending Loop co-founder and CTO Brandon Vlaar said that:
“Our team is deeply passionate about helping the small business community thrive. We’re looking forward to helping even more small businesses learn about our better way to borrow, while also educating Canadians about how they can grow their wealth through this new and exciting investment opportunity.”
Continue to the full article --> here
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada. Learn more About Us or visit ncfacanada.org.
Vancouver Conference + Hackathon (NOV 28): 3rd VanFUNDING 2017 ‘GOING MAINSTREAM’ (SOLD OUT)
NOV 28: VanFUNDING 2017 - GOING MAINSTREAM
BLOCKCHAIN FINTECH & FUNDING CONFERENCE (#VF2017)
When: Tuesday, NOV 28, 2017 (8am - 6:30pm)
Venue: Morris J. Wosk Centre for Dialogue (Asian pacific hall)
580 W Hastings St, Vancouver, BC V6B 5K3 (map)
$350 Registration / $250 Member Discount
THIS EVENT IS SOLD OUT!!
LIVE STREAM Full Day Nov 28 Asian Pacific Hall NOW AVAILABLE
Tickets only $20 per viewing OR
Watching with 10+> Site license for $250
LIVE LINK: http://bit.ly/2iSFjGD
Register Now
NOV 28: VF2017 BLOCKCHAIN REGTECH HACKATHON
Problem Statement - Education - Expert Mentoring - Pitching
When: Tuesday, NOV 28, 2017 (8am - 6pm)
Venue: Morris J. Wosk Centre for Dialogue (Concourse)
580 W Hastings St, Vancouver, BC V6B 5K3 (map)
*$150 Individual / *$125 Individual (2 or more tix)
* Up to $20,000 in Cash and Prizes!
SOLD OUT!
NOV 27: VIP NETWORKING RECEPTION
Pre-VanFUNDING VIP Mixer
Monday, NOV 27, 2017 (5:30pm - 8:00pm)
Venue: The Diamond (map) 6 Powell St. Vancouver, BC V6B 1G7
$75 Registration
SOLD OUT!!
* Networking with speakers, partners, investors and VIP attendees
View Launch Release
Not to be missed - will sell out! Last conference of the year...
3rd VanFUNDING 2017 (#VF2017) is an immersive full day financial innovation forum and premiere hackathon hosted by the National Crowdfunding Association of Canada, partners and affiliates on Tuesday, Nov 28 in downtown Vancouver, Canada at SFU's Morris J Wosk Centre for Dialogue. #VF2017 is a leading conference dedicated to accelerating access and development of emerging financial technologies, funding opportunities and capital innovation markets across Canada and around the world. The conference ignites venture markets and provides opportunities for startups and scaleups seeking to connect with financial innovators, private capital markets, investors, and partners to expand their networks. The 2017 agenda covers the hottest topics from Blockchain smart contracts and Initial Coin Offerings (ICOs) to the latest developments, emerging regulations, new business models in PeerToPeer (P2P) crowdfinance, fintech, alternative finance, cryptocurrencies, artificial intelligence applications, and global financial marketplaces. Other vital capital innovation topics will cover international developments, perk/rewards, lending, equity, royalty, market provisioning and infrastructure; investor marketing, leadership culture, cyber security and legal and financial considerations.
Learn the Latest Funding Opportunities and Fintech Market Developments and Plug into a Collaborative Community of Experts, Investors, Stealth Startups, Prospective Partners and Financial Innovators
VanFUNDING 2017 is a not to be missed BLOCKCHAIN and FINTECH FUNDING conference that pushes boundaries to discuss the latest developments, educate, inspire, and connect ‘You and your vision’ with leading innovators, entrepreneurs, investors, vendors, thought leaders and policy makers in the quickly emerging sectors of fintech, P2P, crowdfinance, blockchain ICOs, digital currencies and alternative finance.
PARTICIPATE in the Future of Financial Services!
MEDIA pass? Visit here
Questions or in-kind Partnerships?
Email: info@ncfacanada.org
Visit the Website: VanFUNDING.ca
Check out #VF2017: Partners | Speakers | Program
More info?
View Launch Release
How to Take Advantage of Blockchain, Cryptocurrency and Financial Technology
Five common options for financing your small business
Financial Post | Danny Bradbury | Oct 10, 2017
Which method you choose depends on your company's current situation and its goals
For most small businesses, financing can be a challenge. Whether you need bridge capital to keep the business running in tough times, or structured debt for long-term growth, it pays to have a strategy for seeking out those elusive financing dollars. Statistics Canada found that just over half (51.3 per cent) of businesses requested external financing in 2014.
Equity-based financing options like venture capital often make the headlines, but less than one per cent of small businesses requested this in 2014. Debt-based financing is far more common, as is trade credit from suppliers.
Here are five financing options to turn to, depending on the type of small business you run, and its situation.
Bootstrapping
Funding yourself is a long-established and responsible way to get a small business off the ground. Bootstrappers are risk takers but also lateral thinkers. Rather than saddling themselves with debt or giving up ownership of their small company, they will use their own savings and potentially sell some assets to help finance their business in the early days.
Bootstrappers may work a side gig until they are confident that their new business idea has the legs to stand on its own. They may pre-sell products and services to help fund early-stage development. The successful ones cleave to one overarching principle: get to revenue quickly. If you’re going to bootstrap your company, the only thing that counts is the sale.
Small business loan
A small business loan is the most traditional route for those taking a debt-based approach to small business financing. Banks are often a first port of call, although they are naturally conservative, and they understand the higher risk involved with smaller operations that may have little to no credit history or collateral. This can make bank loans difficult to secure and could drive businesses toward such alternative lenders as OnDeck. Always ensure you understand the exact terms – and your payment commitments – before agreeing to a loan.
In Canada, another option is the government’s Small Business Financing Program, which provides up to $1 million in financing for purchasing or improving land, property or equipment. There are limitations though: working capital, inventory, labour and advertising are all excluded under this initiative.
Friends and family
If conditions from a financial institution are not to your liking, you could always borrow money from the Bank of Mom & Dad. Friends and family funding is a common way for small, high-growth businesses to get started, but it comes with some baggage.
See: Subscribe to NCFA's Weekly Newsletter and Stay Informed
It’s easy for money issues to cloud personal relationships, so small business people pursuing friends and family financing must be careful not to let emotion get in the way. Set out clear expectations around loan terms, including a percentage and payback date. Just because you were raised by those doing the lending doesn’t mean you can do away with legal advice. It keeps everyone on the same page.
Angel investors
Small business owners willing to give up some equity can go in search of an angel investor. These full-or part-time investors put their own money into early-stage businesses, hoping for future return if they succeed.
You may give up part ownership of your company to these investors, but they often bring contacts and experience difficult to find elsewhere. It also means that you aren’t saddled with loan payments that can cripple your cash flow. AngelList connects investors with startups, while Canada’s National Angel Capital Organization has a directory of potential investors.
These investors suit entrepreneurs with high-growth businesses and a clear exit strategy. Would-be Mark Zuckerbergs should apply. Owners of family-run laundromats with no plans to take over the world should look elsewhere.
Crowdfunding
If your business idea is that good, why not spread it around? Crowdfunding is a growing financing model, with $133 million raised in 2015 alone, according to a report from the National Crowdfunding Association of Canada. Consumer-focused businesses with some digital element to their products or services tend to do well with this model.
See: VanFUNDING 2017 - NOV 28 Vancouver: Raise Funding for Your Business leveraging All the Latest Methods
You can crowdfund using two broad approaches: reward/donation-based models, or debt/equity funding. The former are unregulated outside of traditional consumer protection and business laws. Selling equity in the company or taking loans with some promise of payback will bring you under regulatory scrutiny, but is still possible in some regions.
The Government of Canada’s Canada Business Network says equity crowdfunding is currently an option in British Columbia, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia. Conditions vary between provinces and depend on exactly how your crowdfunding process works.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Beyond cryptocurrency: There are new blockchain opportunities for SMBs
FinancialPost | By John Lorinc | Sept. 19, 2017
When the Bank of Canada and payments giant Moneris last spring threw cold water on a blockchain trial as a potential clearance system, Canadian startups could have been forgiven for feeling deflated.
But Canadian blockchain entrepreneurs might have cause for renewed optimism with the emergence of potential applications in a range of industries – beyond such cryptocurrencies as Bitcoin — as well as new investment vehicles.
In late August, blockchain guru Alex Tapscott told Bloomberg that NextBlock Global Ltd., a blockchain-directed venture capital fund, plans to raise $50 million in an IPO on the Toronto Stock Exchange later this fall. Meanwhile, four Canadian blockchain industry groups in June applied to the federal government for funding to establish a “supercluster” that would finance new R&D and attract startups.
See: Blockchain Will Disrupt Every Industry
While Bitcoin is almost a decade old, there’s been a surge this year in the issuance of new cryptocurrencies, including one in August by Montreal-based Impak Finance, according to Coin Market Cap data, which estimates there are over 800 in circulation now. Much of this activity depends heavily on the maturation of blockchain technology and platforms, such as Switzerland-based Ethereum, and has fuelled this sector’s wild west reputation as a haven for speculators.
Blockchain systems are digital “ledgers” that store encrypted transaction information in networks of specially designed servers. While the technology originally emerged to support Bitcoin, a growing number of startups are looking to adapt blockchain for use in such sectors as fintech, securities, insurance, natural gas, and supply chain applications. The technology is designed to create distributed databases of information that can expedite a wide range of transactions with greater speed and security than more centralized processing systems can offer.
“Within a few years, we’re going to be seeing practical applications for blockchain beyond cryptocurrency,” predicts Jeff Hindle, managing director of finance and commerce for MaRS, adding that these uses are more suitable for corporate customers. “That’s a different prediction than even a year ago.”
There’s lots of interest in Canadian blockchain firms, Hindle says. He points to Toronto startup Nuco.io, which this spring established a partnership with the TMX’s natural gas exchange to test a blockchain algorithm that expedites the verification of service agreements between suppliers and consumers. Nuco’s founders, he says, “understand the practical advantages and limitations of blockchain, which has allowed them to advise on the types of experiments that are suitable for the technology.”
See also: Don Tapscott Announces International Blockchain Research Institute
Another startup, Bluzelle, is looking to develop data-storage services based on blockchain techniques and expects to eventually raise capital through ICOs, according to founder Pavel Bains. The idea is to allow far-flung networks of specially configured servers to provide storage as a less expensive alternative to centralized cloud-based systems, which, the company says, are prone to downtime and vulnerable to data theft.
“A lot of these ventures are already interesting to investors from an R&D perspective,” says Hindle.
Continue to the full article --> here
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both investment and social crowdfunding, blockchain ICO, alternative finance, fintech, P2P and online investing stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a vibrant and innovative online financing industry in Canada. Learn more About Us or visit ncfacanada.org.
China’s fintech firms eye overseas IPOs to fund growth as regulations tighten at home
South China Morning Post | Sep 6, 2017
A new wave of initial public offerings (IPOs) by mainland Chinese financial technology (fintech) companies is taking shape as dozens of unprofitable technology start-ups rush to raise funds overseas amid tightened regulations at home.
The A-share market, due to its profitability requirements, remains off-limits to most Chinese fintech firms, particularly peer-to-peer (P2P) lending platforms that were once regarded as an important part of the mainland’s reform of the banking system.
See: China’s ICO Ban: A Full Translation of Regulator Remarks
Depositors’ dwindling interest in chasing returns from P2P operators following a raft of scandals over the past two years point to hard times ahead for many of the companies despite their ambitions of serving the country’s cash-hungry small businesses and individuals.
The increasing demand for financing has prompted a clutch of fintech firms to kick off their overseas IPO processes, most of which plan to complete fundraising in the next 12 months.
“An increasing number of fintech IPOs in Hong Kong and the United States are expected to take place,” said Gao Jianbin, a PwC partner. “They mainly aim to list in the US, though Hong Kong is also an option.”
Zhong An Online Property and Casualty Insurance, China’s first online-only insurer, is seeking to raise as much as US$1.5 billion via a Hong Kong IPO.
The online insurer, funded by mainland internet giants Alibaba and Tencent, claims to be the largest insurance firm on the mainland in terms of the number of customers served and policies sold.
After five years in business, Zhong An has developed a customer base of about 500 million people.
Alibaba, owner of the South China Morning Post, holds 16 per cent of the online insurer though its affiliate Ant Financial.
Other big mainland-based fintech businesses, including Lujiazui International Financial Asset Exchange (Lufax) and Ant Financial, are planning IPOs outside the mainland, rather than on the A-share market.
See: China Issues Online Lending Rules: Panic Ensues
The China Securities Regulatory Commission (CSRC) originally planned to set up a board for emerging industries at the Shanghai Stock Exchange, creating a listing venue for tech firms such as Ant Financial, Zhong An and other US-listed technology businesses which sought to relist on the mainland.
But the regulator scrapped the plan in March 2015 in an effort to avoid a fresh equity influx into the beleaguered market at the time.
Ant Financial and Lufax have yet to unveil detailed time frames for their IPOs.
“For many small fintech firms, an IPO in the near future is necessary to bolster their businesses, hone their image, replenish their capital and attract talent,” said Gao Hongxia, an analyst at fund consultancy Zero2IPO. “An IPO lays a foundation for their long-term healthy development.”
Analysts said P2P companies, in particular, are hungry for fresh capital to reinforce their business growth.
Only two mainland-based P2P operators – Yirendai and China Rapid Finance – are currently traded in New York, but last month Sorghum Investment announced a back-door listing through a reverse merger with Nasdaq-listed China Commercial Credit, which would make it the third.
Continue to the full article --> here
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at ncfacanada.org.
