CCI Statement on Capital Gains Tax Implementation

Today in Ottawa, the federal government introduced a motion to implement changes to the capital gains inclusion rate from 50% to 66% — as announced in 2024 budget two months ago. In response to the ways and means motion, CCI President Benjamin Bergen issued the following statement on behalf of our members:

“If the federal government wanted to have a serious conversation about what tax fairness means, and strategies for increasing government revenue to support the public services we all value, we could have that conversation as a country. What we’re seeing from Minister Freeland is something else entirely.

“The fact is that this government has presided over a stagnating economy and the Bank of Canada is sounding the alarm that we’re in a productivity emergency. Instead of taking steps to support growth and investment, the 2024 budget is hiking taxes on investment.

“Innovation is the only proven way to increase economic productivity, and scale-up technology companies are the most potent force to drive economic growth. Since the budget was delivered, CCI has talked to thousands of founders, investors, and skilled workers in the Canadian tech sector, and we’ve heard how concerned people are.

“Highly skilled talent is globally mobile. Investors can choose to put their money to work here in Canada or elsewhere. We have passionate Canadian entrepreneurs, but we need government policies which create the best possible conditions for growth. We hope that Minister Freeland and her colleagues will start listening to the technologists who truly want to be the engine of prosperity for Canada.”

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Media Contact:
James McLeod
Director of Communications
jmcleod@canadianinnovators.org