Hundreds of Canadian CEOs, tech leaders, and business owners have penned a letter demanding Trudeau reverse course and stop his abhorrent tax hikes on Canadian businesses.

“We invest our time, our ingenuity, and our money. We are betting on Canadians, and we are betting that with hard work and tenacity, we can make the country better,” Canadian business leaders wrote in their letter.

“You cannot tax your way to prosperity. But in the 2024 federal budget, we see a government trying to hike taxes on investment. Anybody with experience in entrepreneurship and investment can see how this will stifle growth.”

The tax hike in question is one Trudeau and the Liberals announced in Budget 2024, in which they promised to raise the capital gains tax inclusion on all capital gains above $250,000 from 50% to 66%, making it one of the top ten highest rates on the planet.

Capital gains are the profits made on an asset at the time of sale—usually stocks and real estate sales. While in the budget, Trudeau says that increasing the capital gains tax to 66% will only affect 0.13% of Canadians, it just so happens that those 0.13% include the largest share of business owners and, thus, job creators in the country. And they are not happy.

Canada is now closed for business

The CEOs and business leaders continue in their letter, saying that this tax hike will scare away investors, stifle company growth, and negatively impact high-performing workers who take stock options.

They also suggest that given the fact that the Bank of Canada has stated that we are in a ‘productivity crisis’ and that it’s easier than ever to pack up shop and leave, many highly skilled workers and business owners are considering doing just that—taking all of their money, the jobs they’ve created, and the opportunities they’ve provided and moving to a country that doesn’t discourage hard work and innovation by taxing them to death.

“Canada’s economy needs productivity growth, innovation and above all, we need investment. As signatories of this letter, we’re investing in Canada,” Canadian CEOs and business owners write.

“We are calling on the federal government to scrap this disastrous tax hike on investment, and listen to the innovators who are trying to create a more prosperous future for every generation.”