John Ruffolo of Maverix Private Equity joins chorus of businesses criticizing increase to capital gains tax

John Ruffolo, founder of tech-focused Maverix Private Equity in Toronto, said the government’s move to tax Canadian companies on two-thirds of their capital gains, up from the previous level of a half, will make it harder for innovative companies to raise money and drive investors south of the border.

Ruffolo said it “feels like 2009 all over again” in terms of capital investment in Canada, a reference to the bleak period of slow growth that followed the global financial crisis.

“That same narrative is starting to play out again, and at a time when not only is the innovation sector starting to feel the pain on the rest of the economy — we’re suffering from the lack of productivity due to the lack of investment,” Ruffolo said Tuesday during an event in Toronto.