Over 1,000 CEOs and Canadian tech business leaders have signed an open letter to Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland calling for a halt to the capital gains tax hike.

The letter, organized by the Canadian Council of Innovators (CCI), says the tax hike is going to hinder investment in the country.

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