A big Canadian player has quietly picked up his chips and is heading for the exit amid all the tumult over the Trudeau government’s controversial tax proposals.
A business owner has informed John Manley, the head of an organization representing Canada’s largest corporations, that he’s moved billions of dollars out of the country since the Liberals announced the proposed changes.
The plan to eliminate several tax incentives has awakened a large contingent of vocal opponents from numerous backgrounds — small business owners, doctors, tax planners and even backbench Liberal MPs.
In the background, however, the proposals are also deeply troubling to a much smaller, silent group of wealthy business leaders.
Manley, a former Liberal finance minister under Jean Chretien, says they’re especially worried about tighter rules on passive investment portfolios and the transfer of family businesses, as well as government rhetoric that he says has vilified higher-income Canadians.
He says a successful business owner has told him he’s leaving Canada because of the impacts the reforms could have on his family through changes related to estate planning.
Finance Minister Bill Morneau first released the three-part tax reform plan in the middle of the summer, arguing it would level the playing field for Canadians.
The Canadian Press