Canada must move swiftly to restore its business tax competitiveness, Business Council says

The federal government must take decisive action now to shore up Canada’s business tax competitiveness in the wake of sweeping tax reforms in the United States, the Business Council of Canada says in a letter to The Honourable Bill Morneau, Minister of Finance.

“Across North America and around the world, companies in every sector are assessing the impact of U.S. tax changes and making decisions that will have lasting consequences for employees and the communities in which they live and work,” writes The Honourable John Manley, President and Chief Executive Officer of the Business Council.

“To imagine that these measures will not seriously impact future business investment in Canada would be reckless in the extreme.”

“For that reason, we urge you to take decisive action now to bolster private-sector confidence in the Canadian economy, discourage capital flight and increase the incentives for new business investment.”

The Business Council of Canada is a non-profit, non-partisan organization composed of the chief executives of Canada’s leading enterprises, representing companies from every region and sector of the economy.

The Council’s 150 member companies employ 1.7 million Canadians, account for more than half the value of the Toronto Stock Exchange, contribute the largest share of federal corporate taxes, and are responsible for most of Canada’s exports, corporate philanthropy, and private-sector investments in research and development.

Through supply chain partnerships, service contracts and mentoring programs, Business Council members support many hundreds of thousands of small businesses and entrepreneurs in communities of all sizes across Canada.