TORONTO — The CEO of the Canadian Imperial Bank of Commerce says Canada must boost its global competitiveness and prepare for a future downturn by offering clearer foreign investment rules, matching a U.S. policy which allows companies to immediately write off the full cost of capital investments and attracting more immigrants.
Victor Dodig says a lack of clarity on foreign investment rules is making business leaders and their clients hesitant to make significant investments in Canada.
He added that Ottawa should allow companies to expense capital investments with a one-year period, a measure which is now in place south of the border.
Dodig said during his speech to the Empire Club of Canada in Toronto that changing this rule in Canada would spur immediate capital investment and help level the playing field and attract investors — who have other global choices available.
Dodig also said that Canada should remove “embarrassing” interprovincial trade barriers to instill confidence.
He added that at a time when many countries around the world are saying no, Canada needs to do more to attract the best and brightest to have much needed human capital.
The Canadian Press