Canadian business leaders are urgently calling on the federal government to accelerate approvals, reduce regulatory burdens, and implement strategic tax adjustments to capitalize on a fleeting window of opportunity in a rapidly changing global landscape.

Urgent Need for Action

Raymond Gatcliffe, CEO, articulated a critical timeframe of approximately two years for Canada to proactively position itself for success. He emphasized that the established global rules-based order has undergone significant disruption, necessitating governmental adaptation and prioritization of competitiveness.

Regulatory and Investment Concerns

Gatcliffe highlighted the need for a regulatory environment that facilitates swift approvals, government capital investment to bolster opportunities, and a commitment to fostering both startup and established company growth. Business leaders are increasingly worried about Canada’s competitiveness in attracting and retaining investment.

Tax Policy Overhaul Proposed

Brice Scheschuk, managing partner at Globalive Capital, advocated for a complete overhaul of capital gains tax policies. He specifically suggested eliminating such taxes on early-stage investing to incentivize investment in startups.

Capital Gains and Residential Sales

Scheschuk also proposed introducing a capital gains tax on the sale of primary residences, coupled with a substantial exemption for average Canadians, to further encourage wealth allocation towards entrepreneurial ventures.

Streamlining Approvals is Key

Harry Culham, another CEO, echoed these sentiments, emphasizing the need for expedited regulatory processes and streamlined approvals. He stated that capital will inevitably flow to jurisdictions offering greater certainty and speed.

Time is of the Essence

Culham underscored the urgency of moving from months-long or years-long approval timelines to processes measured in hours, acknowledging ongoing efforts but stressing the need for significantly greater progress.

Indigenous Economic Participation

The call for action extends to ensuring inclusive growth, with a focus on the crucial role of Indigenous communities in Canada’s economic future. While acknowledging positive steps to improve access to financing for Indigenous-led projects, Bill Lomax, CEO of First Nations Bank of Canada, cautioned that current measures are insufficient.

Expanding Financial Support

Lomax pointed to the Canada Indigenous Loan Guarantee Program as promising but still in its early stages. He emphasized the need to extend financial support beyond large-scale projects, recognizing that many First Nations communities require resources to build businesses and foster entrepreneurship.

Empowering Indigenous Communities

He argued for a broader approach that empowers Indigenous communities to participate fully in the Canadian economy, not just as beneficiaries of major resource projects, but as active drivers of economic growth. The overall message is clear: Canada must act decisively to address regulatory hurdles, tax imbalances, and financing gaps to secure its economic future.