“This measure will limit opportunities for all generations and make Canada a less competitive, and less innovative nation,” reads a letter that Canada’s leading business associations sent to Finance Minister Chrystia Freeland.Prime Minister Justin Trudeau, Deputy Prime Minister and Minister of Finance Chrystia Freeland and cabinet ministers pose for a photo before the tabling of the federal budget on Parliament Hill in Ottawa, on Tuesday, April 16, 2024.
Canada’s leading business associations are asking the Liberal government to scrap the marquee tax measure announced in last month’s federal budget. In a letter penned to Finance Minister Chrystia Freeland on Thursday, business community leaders expressed their concerns with the government’s decision to increase the capital gains tax inclusion rate to 66 per cent on all profits made over $250,000.
“This proposed tax hike will only serve to undermine the government’s stated policy objectives: bolstering health and dental care for Canadians, attracting and retaining skilled professionals, increasing investment and innovation, and helping small businesses thrive,” reads the letter signed by, among other groups, the Canadian Chamber of Commerce and Canadian Federation for Independent Business.