“We invest our time, our ingenuity, and our money. We are betting on Canadians, and we are betting that with hard work and tenacity, we can make the country better,” Canadian business leaders wrote in their letter.

“You cannot tax your way to prosperity. But in the 2024 federal budget, we see a government trying to hike taxes on investment. Anybody with experience in entrepreneurship and investment can see how this will stifle growth.”

The tax hike in question is one Trudeau and the Liberals announced in Budget 2024, in which they promised to raise the capital gains tax inclusion on all capital gains above $250,000 from 50% to 66%, making it one of the top ten highest rates on the planet.