By Isaac Lamoureux, True North Wire
The Liberal government’s 2024 federal budget has sent shockwaves through Canada’s tech sector, with sweeping increases to capital gains taxes being the main cause for concern.
Leaders within the industry are voicing criticism at the Liberals, suggesting that further taxation could drive businesses and talent south of the border.
The budget, delivered by Finance Minister Chrystia Freeland, raises the inclusion rate for capital gains tax from 50% to 66% for individuals on amounts exceeding $250,000. The amendments to the Income Tax Act will come into effect on June 25, 2024.
The Liberals expect to make $19.4 billion over the next five years from raising the capital gains tax.
Benjamin Bergen, president of the Council of Canadian Innovators, explained in his organization’s response to the budget that the best way for the government to boost its revenue is to drive economic growth and productivity gains by helping Canada’s innovators.
“We hope that Minister Freeland and the Liberal government will listen to innovators and adjust this proposed tax hike before they do irreparable harm to the Canadian innovation economy,” he said.
If they do not, it may be too late, warned Bergen.
“At some point before too long, Canadians will go to the polls and judge this government not on its good intentions and future announcements. We will judge this government on the actual results they have driven for the Canadian economy,” he concluded.
Canada’s tech sector, as well as innovation and entrepreneurship, has more issues with the budget than just capital gains tax.
Local entrepreneur Boris Wertz noted the reasons he felt that the Liberals had “lost their plot on innovation and entrepreneurship.”
full story at https://tnc.news/2024/04/17/liberals-capital-gains-tax-hike-irreparable-harm/
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