Politics · Canada · 6 hrs ago
Canadian tech leaders ask Carney for tax incentives in next budget
Hundreds of Canadian business leaders have signed an open letter asking Mark Carney’s government for tax incentives in its upcoming federal budget.
They want a capital gains rollover and a tax incentive similar to one in the United States, which they say could encourage investment in Canadian companies.
The request comes after a proposed capital gains tax increase, later scrapped, damaged the Liberals’ relationship with the tech sector.
The letter’s authors say the measures could help keep entrepreneurs, talent and investment in Canada by reducing the risks of investing in domestic firms and encouraging profits to be reinvested.
Some industry voices say tax changes alone will not be enough, and point to other steps, including removing personal guarantees on business loans and leases.
The federal budget is expected next month, when Carney’s government will have a chance to respond.
Hundreds of Canadian tech leaders have signed an open letter asking Mark Carney’s government for tax incentives in the upcoming federal budget.
The letter calls for a capital gains rollover and a tax incentive modelled on the United States’ QSBS.
Its authors say the measures would help retain entrepreneurs, talent and capital in Canada and encourage investment in domestic firms.
The appeal comes after a proposed capital gains tax increase damaged the Liberals’ relationship with the tech sector.
Some industry voices say tax reform alone will not be enough to support Canadian businesses.
- Who
- Hundreds of Canadian CEOs, investors and other business leaders signed the letter.
- What
- They asked Mark Carney’s government for a capital gains rollover and a US QSBS-style tax incentive.
- When
- The letter seeks measures in the upcoming federal budget, which BetaKit says is expected next month.
- Where
- Canada.
- Why
- The signatories say the measures would help retain entrepreneurs, talent and capital, and encourage investment and reinvestment in Canadian firms.
This story does not have two clearly opposing sides.
The then-governing Liberal Party proposed raising the capital gains tax inclusion rate.
The proposed tax plan was scrapped.
Roadmunk co-founder Latif Nanji told BetaKit that the damage to the Liberals’ relationship with tech had been done.
Hundreds of industry leaders signed an open letter asking for tax measures in the upcoming federal budget.
- Signatories
- Hundreds of Canadian CEOs, investors and other business leaders
- Requested measure
- Capital gains rollover
- Requested tax model
- US QSBS-style incentive
- Target
- Upcoming federal budget
- Additional proposal
- Jesse Rodgers called for removing personal guarantees on business loans and leases
What people are saying
The damage [was] done.
We want to see Canadian companies succeed, we want to control our own destiny, and that aligns quite well with the signals that we’re seeing from this government that they’re willing to take action.
Sources
Related news
Carney urges Alberta to stay in Canada ahead of referendum
Poll shows Chow’s lead narrowing against Bradford in Toronto mayoral race
Campaign signs vandalized and missing in Manitoba election races
Poilievre to press for tariff-free trade during Detroit visit
Record 222,550 voters cast advance ballots in Toronto election
Experts say Alberta cannot opt out of federal programs
B.C. party leaders to present plans to Vancouver business leaders
Kenney and Notley to oppose Alberta leaving Canada at event
Carney urges Alberta to stay in Canada ahead of separation vote
Alberta advance voting opens for 10-question referendum
Carney urges Alberta to stay in Canada ahead of referendum vote
