Business · Economy · 6 hrs ago
National Bank CEO urges Ottawa to rewrite Canada’s tax code
National Bank CEO Laurent Ferreira is urging Ottawa to rewrite Canada’s federal tax code to make the country more attractive to investment.
He told an event in Toronto that the rules are too complex for many companies, especially small businesses, to manage.
Ferreira said decades of new policies, subsidies and special provisions have added layers to the system.
He proposed that a small team of tax experts draft a new code within a year.
The aim is to make Canada more competitive for investment, including in defence and critical minerals.
Ferreira says Ottawa and the provinces should work together to simplify the rules, but the sources do not say whether the governments will take up his proposal.
National Bank of Canada CEO Laurent Ferreira urged Ottawa to scrap and rewrite the federal tax system to attract capital and talent.
He called for a small team of tax experts to draft a new code within one year.
Ferreira said the current system is overly complex and burdens companies, particularly small businesses.
He argued that simplifying the rules could help Canada compete for investment and take advantage of demand for defence and critical minerals.
National Bank chief economist Stéfane Marion said labour shortages in construction could compromise federal plans.
- Who
- Laurent Ferreira, CEO of National Bank of Canada, called for the tax overhaul.
- What
- He urged Ottawa to replace the federal tax code and proposed a team of experts draft a new one within a year.
- When
- Ferreira made the call at a Canadian Club Toronto event held on Wednesday. The article was published on October 21, 2026.
- Where
- The event was held by the Canadian Club Toronto.
- Why
- Ferreira said the tax code is overly complex and that a simpler, more competitive system could attract capital and talent.
This story does not have two clearly opposing sides.
Ferreira called for a federal tax-system overhaul at an event held by the Canadian Club Toronto.
Ferreira told The Globe and Mail the government should give a team of tax experts one year to complete its work.
- Proposed drafting period
- One year
- Proposed team
- A small team of tax experts
- Bank ranking
- Canada’s sixth-largest bank
- Article publication date
- October 21, 2026
- Main investment opportunities cited
- Defence and critical minerals
What people are saying
scrapped
simplest, most efficient and most competitive tax jurisdiction of all developed countries
The intention is to incentivize innovation, but the process to get the incentive is so complex that we sometimes don’t bother
Our goals should be well-aligned on this because it’s all about making our environment much more friendlier for capital.