A big Canadian player has quietly picked up his chips and is heading for the exit amid 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 has moved billions of dollars outside the country since the Liberals formally proposed their tax changes in mid-July.
The government’s proposals to eliminate several tax incentives have awakened a broad array of vocal opponents — from the small business community, to farmers, to tax planners, to professionals like doctors and lawyers. Some backbench Liberal MPs have also publicly expressed their concerns.
In the background, the Liberals’ proposed tax reforms are also seen as a threat by a much-smaller, more-silent group of Canadians: wealthy leaders of big business.
Manley, a former Liberal finance minister in the Chretien government, said the elements of the government’s plan to tighten rules on passive investment portfolios and the transfer of family businesses have created worries for some members of his organization, the Business Council of Canada.
The financial concerns have been compounded by the government’s accompanying messages that Manley believes have “vilified” higher-income Canadians.
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