After Capital Gains Furor, Ontario Chamber Urges Productivity-Focused Tax Reform

(TORONTO – April 22, 2024) – Today, the Ontario Chamber of Commerce’s (OCC) President and CEO, Daniel Tisch, released the following statement:

“The federal government’s increase to the capital gains tax inclusion rate has sparked significant concerns within our business community at a time of declining business confidence, investment and productivity.

“The government’s populist messaging misses the point: the primary concern is not about business owners who are wealthy today; it’s about those who are scaling, striving and seeking investment for tomorrow. Canada should be making it easier, not harder, to attract investment, and to retain capital and talent. We reject the false choice that this is the only way to pay for housing and other priorities.

“We urge the government to channel the capital-gains furor into a bigger conversation: How can Canada’s tax system incentivize investments in business growth and innovation, which are essential to jobs, the economy and our quality of life?

“It’s time for tax reforms to streamline the system, stimulate business investment, and facilitate the scaling up of small and medium-sized enterprises. To complement this, the government should also undertake a spending review to find economic efficiencies and maximize the value of taxpayer dollars.

“Canada’s tax system isn’t focused enough on helping our businesses grow. Let’s use this moment to change that.”

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About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, non-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC’s mission is to convene, align and advance the interests of its members through principled policy work, value-added business services and broad engagement to drive competitiveness and economic growth in the province.

For more information, please contact:
Andrea Carmona
Senior Manager of Public Affairs
Ontario Chamber of Commerce
andreacarmona@occ.ca | Mobile: (647) 234-0255