HomeBusinessBudget 2024 is a taxing blow to Canada's innovation economy

Budget 2024 is a taxing blow to Canada’s innovation economy

In the unveiling of the 2024 federal budget, Ottawa’s decision to increase the capital gains inclusion rate from 50 per cent to 66 per cent stands out as a stark blow to Canada’s innovation sector. This move, positioned as a tax hike on the wealthy, is in reality directly opposed to the spirit of risk and innovation that drives our economy forward.

The news of the proposed change was dropped during the InnovateWest conference in Vancouver last week, where entrepreneurs, investors and other stakeholders in the innovation ecosystem were gathered to discuss ways to enhance Canada’s innovation landscape and foster more entrepreneurship in this country. Details of the proposed tax changes spread through the conference like wildfire, taking the oxygen out of the room.

The government may present it as a tax increase on the wealthy, but this representation is misleading. In…

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