06/03/2024
https://www.ourcommons.ca/petitions/en/Petition/Details?Petition=e-4994
As an organization dedicated to the prosperity and growth of our business community, it is crucial that we address legislative changes that may impact our members significantly. We are reaching out to inform you about proposed changes to the capital gains tax inclusion rate, which could adversely affect all business owners, investors, and entrepreneurs within our community.
Overview of Proposed Changes: The government is proposing an INCREASE in the capital gains tax inclusion rate from 50% to 66.6%. This adjustment means that a larger portion of capital gains will be subject to taxation, significantly reducing the net profits that businesses can reinvest or distribute among stakeholders.
Impact on Our Business Community:
1. Increasing the capital gains inclusion rate to 66.6% will put Canada and Canadian business at a disadvantage;
2. The Canadian Chamber of Commerce estimates that 1 in 5 Canadian companies will be directly impacted by this change over the next decade;
3. Former Bank of Canada David Dodge stated that increasing the inclusion rate would make Canada a “less attractive” place to invest;
4. The Bank of Canada has called Canada’s business productivity problem “an emergency” and is pleading for the government to incentivize business development;
5. A rise in capital gains taxes would strain healthcare resources, limit access to affordable housing options, exacerbate financial challenges for farmers, and compromise retirement savings for Canadians;
6. Canadian business leaders agree that increasing the inclusion rate would make Canada less competitive and make it more difficult for Canadians to find jobs, including skilled professionals;
Our Response: In response to these proposed changes, we have both an e-petition and a paper petition to voice our collective concern and urge policymakers to reconsider. We believe that maintaining a fair and encouraging tax environment is essential for fostering a healthy business ecosystem and ensuring the continued success of our members.
Call to Action: We strongly encourage you to sign Petition e-4994 - Petitions (ourcommons.ca) and stand with us against these detrimental changes. By uniting our voices, we can make a significant impact and protect the interests of our business community.
Please feel free to reach out if you have any questions or need further information about how these changes could specifically affect your business. We are here to support and advocate for you every step of the way.
Thank you for your immediate attention to this critical matter.
There is no obligation on the part of the House of Commons or any Member of Parliament to authorize the publication of an e-petition or to present an e-petition or a paper petition to the House of Commons. Neither the House of Commons nor any Member of Parliament authorizing the publication of an e-...
