Business Groups Ask Freeland to Reverse Capital Gains Tax Change

Prominent business associations in Canada are asking Ottawa to scrap its plan to raise the tax inclusion rate on capital gains, calling the measure “shortsighted.” The groups are calling on the government to reverse the decision to hike the capital gains tax inclusion rate to 66.7 percent on all profits surpassing $250,000. “Put simply, this measure will limit opportunities for all generations and make Canada a less competitive, and less innovative nation,” reads the May 9 letter sent to Finance Minister Chrystia Freeland by the Canadian Federation for Independent Business (CFIB) and the Canadian Chamber of Commerce. The letter was also signed by the Canadian Manufacturers and Exporters, the Canadian Venture Capital and Private Equity Association, the Canadian Franchise Association, and the Canadian Canola Growers Association....