John McKenzie, CEO of TMX Group, speaks during the Piper Sandler Global Exchange and FinTech Conference in New York City, on June 8, 2023.Canadians who invest in Canadian companies should be exempt from the higher capital-gains-tax inclusion rate set to take effect June 25, according to a proposal Canada’s largest stock exchange operator has submitted to the federal government.
“If you look at capital-raising in Canada we are in one of the lower points that we have been in for a long time,” he said. “So if you wanted to pick a terrible time to do this, good choice.” Mr. McKenzie said he did not push Ms. Freeland hard on the proposal “because I also want to build a relationship with her for the long term” but he added the higher inclusion rate was the latest in a series of tax changes that undermine investor confidence. Out of all the other changes the Trudeau government has made over the years – including share buyback taxes, changes on employee stock option programs and new taxes on financial institutions – Mr.
The response from Ms. Freeland and her team to Mr. McKenzie’s proposals, he said, can be paraphrased as “interesting idea, tell us more.”
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