Each day, Canadians invest in the future of Canada, betting on our potential for growth and prosperity for all. We dedicate our time, our creativity, and our money, believing that the ultimate investment is in the growth of our country and the futures of our young people.

The proposed tax changes for investments in the 2024 federal budget threaten the very progress in our country that we are investing in. As leaders in the business community, we must emphasize the devastating effects of raising capital gains taxes, which discourages risk-taking and hinders economic progress, affecting all Canadians through lower incomes and living standards.

Our country is in an economically challenging time where accessing capital has become increasingly difficult, negatively impacting high-growth companies and skilled talent mobility. Higher interest rates and economic uncertainty mean that many high-growth companies with innovative products struggle to secure growth capital on favourable terms. An additional tax dis-incentive further hinders the progress that our country’s innovators and entrepreneurs will be able to achieve.

Furthermore, the recent Bank of Canada’s declaration of a “productivity emergency” underscores the urgent need for increased investment to stimulate growth, not taxation policies that limit growth.  The proposed tax changes not only add burdens to businesses but also lack a clear plan for promoting and increasing our country’s productivity. They send the wrong signal to Canadians, and to the world, that Canada is not a place where risk-taking, innovation, and long-term wealth creation is celebrated. Wealth creation that will, ultimately, result in prosperity for all people in Canada.

It is imperative for the future of Canada that you reconsider these tax measures to maintain our country’s progress in fostering innovation, attracting investment, and nurturing growth.

Let’s keep Canada moving forward by prioritizing policies that encourage investment and economic resilience and that allow our young people the opportunity for a prosperous future.