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Open Letter: Prosperity For Every Generation
Dear Minister Freeland,
Each and every day, we invest in Canada.
We invest our time, our ingenuity, and our money. We are betting on Canadians, and we are betting that with hard work and tenacity, we can make the country better.
You cannot tax your way to prosperity. But in the 2024 federal budget, we see a government trying to hike taxes on investment. Anybody with experience in entrepreneurship and investment can see how this will stifle growth.
We are at a moment when capital is harder to access than at any time in the past generation. Higher interest rates and economic uncertainty mean that many high-growth companies with innovative products struggle to secure growth capital on favourable terms.
What’s more, highly skilled talent is more mobile than ever before, and among innovative high-growth companies, stock options — subject to capital gains tax — are a key form of compensation.
The Bank of Canada has said we’re in a productivity “emergency” and Canadians can feel the impact of economic stagnation.
Canada’s economy needs productivity growth, innovation and above all, we need investment. As signatories of this letter, we’re investing in Canada.
We are calling on the federal government to scrap this disastrous tax hike on investment, and listen to the innovators who are trying to create a more prosperous future for every generation.
Signed,
[[[various CEOs and innovation leaders]]]
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