1,000 CEOs, Canadian Tech Leaders Sign Letter Calling for End to Capital Gains Tax Hikes

Finance Minister Freeland has put forward a plan to raise the tax paid on capital gains, which refers to the increase in value of investments or assets from their original purchase price, as explained by Wealthsimple.

As of April 20, the letter had garnered 1,034 signatures, a significant increase from the initial 150 signatures when CCI shared the open letter on X (formerly Twitter) on April 17.

Notable signatories to the letter include:

• Roustem Karimov, Founder, 1Password
• Dominique Simoneau-Ritchie, Chief Technology Officer, Affinity
• Alisha Gamble, Manager, Program Management, Amazon Web Services
• Jean-François Séguin, BMO Capital Markets
• Ross Slaneff, Associate Portfolio Manager, BMO Nesbitt Burns
• Carly Steinberg, Head of Marketing, Canada, DoorDash, Inc.
• Gregory Hogeboom, Executive VP, La-Z-Boy Furniture
• Sumayra Chowdhury, Director, Executive Recruitment, McCain Foods
• Chris Simair, COO & Co-founder, Neo Financial, SkipTheDishes
• David Steckel, Chief Product Officer, Sears Home Services
• Shez Samji, Vice President, TD Bank, Toronto
• Tom Lowden, Director, TD Bank, Toronto

‘Not Just for the Rich’

According to Jake Fuss, director of fiscal studies at the Fraser Institute, the capital gains tax affects not only the wealthy but also many Canadians indirectly through hindered investment opportunities.

In an interview with The Epoch Times, Fuss explained that Canadians may face direct consequences if they sell assets like cottages or stocks above $250,000, subject to the higher tax rate.

Productivity Crisis

The business leaders who signed the letter also expressed concerns that the tax hike could exacerbate issues within Canada’s labor force.

“Highly skilled talent is more mobile than ever before, and among innovative high-growth companies, stock options—subject to capital gains tax—are a key form of compensation,” the letter highlighted. “Canada’s economy requires productivity growth, innovation, and most importantly, investment.”

Tara MacIsaac contributed to this report.