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Private Equity, Business Groups Rip Canada’s Capital-Gains Tax Hike

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(Bloomberg) -- Some of Canada’s biggest business groups are urging Prime Minister Justin Trudeau to reverse his government’s plan to raise the tax inclusion rate on capital gains.

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The government should cancel the proposed tax hike, six major industry associations, including the Canadian Chamber of Commerce and the Canadian Venture Capital and Private Equity Association, wrote in a letter Thursday to Finance Minister Chrystia Freeland .

“We are calling on the government to heed the advice of many of Canada’s most respected leaders and commit to scrapping the ill-advised inclusion rate increase,” the groups wrote.

In last month’s budget, Freeland unveiled plans to tax Canadian companies and individuals on two-thirds of their realized capital gains, up from half currently. The government said the changes, which are scheduled to come into effect June 25, would impact just 0.13% of Canadians and 12.6% of businesses. For individuals, only gains over C$250,000 (about $182,000) would be taxed at the higher rate.

The industry groups disputed the government’s estimates, originally arguing that one in five Canadians will be “directly impacted” over the next 10 years. The groups later amended the letter to specify that one in five Canadian “companies are likely to be directly impacted.”

The effects of the tax hike will be borne by all Canadians, directly or indirectly, the groups maintained.

The letter adds to a chorus of groups criticizing the planned tax increase. The Canadian Medical Association also opposes the changes, saying the many doctors that incorporate their practices will face a higher tax burden. More than one in 10 Canadians owns an investment property, according to a report by Royal Lepage, and they’ll pay more if they sell for a large gain. Primary residences are exempt from capital gains taxes in Canada.

“If enacted, this change will have significant knock-on impacts, including making it harder for Canadians to access medical practitioners, limiting employment opportunities and making the prospect of starting, growing or succession planning a business more difficult, especially for multigenerational businesses such as farms, fisheries and small businesses,” the groups said.

Read More: Firms Say Canada Tax Move Risks Deeper Productivity Slump

The four other industry associations that signed the letter are Canadian Manufacturers and Exporters, the Canadian Federation of Independent Business, the Canadian Franchise Association and the Canadian Canola Growers Association.

“Our country must end its reliance on tax-and-spend politics, which is undermining innovation and growth to the detriment of both today’s Canadians and future generations,” the groups wrote.

The tax change is expected to generate C$19.4 billion in revenue over a five-year period, the government estimates. That money may help contain deficits, even as the government ramps up new spending, including measures intended to help with housing affordability and improve the prospects of young people.

Freeland did not include the tax change in her main budget bill on April 30, saying she plans to bring in standalone legislation for it.

In a separate letter to Freeland on Thursday, the Business Council of Canada said it’s concerned the proposed changes will further undermine Canada’s ability to attract investment and talent and inhibit economic growth.

“More importantly, we believe the debate over capital gains taxes overshadows an even greater issue of concern – that the government’s fiscal framework is unsustainable,” it said.

“No tax increases would be required if the government reduced its planned spending and took proactive measures to stimulate growth, such as removing regulatory barriers.”

--With assistance from Jay Zhao-Murray.

(Updates paragraph 5 to reflect a change to the group’s letter.)

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Elon Musk really wants you to think Tesla still has a Supercharger plan

• Elon Musk isn't done with Superchargers yet.
• Despite firing Tesla's Supercharger team last week, the CEO committed to the network on Friday.
• "Tesla will spend well over $500m expanding our Supercharger network," Musk wrote on X.

Apparently, Elon Musk really is still game for Superchargers.

On Friday, the billionaire Tesla chief took to X to clarify that he was, in fact, still very committed to building out Tesla's Supercharger business.

"Just to reiterate: Tesla will spend well over $500m expanding our Supercharger network to create thousands of NEW chargers this year," Musk wrote . "That's just on new sites and expansions, not counting operations costs, which are much higher."

Just to reiterate: Tesla will spend well over $500M expanding our Supercharger network to create thousands of NEW chargers this year. That’s just on new sites and expansions, not counting operations costs, which are much higher. — Elon Musk (@elonmusk) May 10, 2024

You may recall that just a week ago, Musk suddenly decided to fire nearly all the 500 employees on Telsa's Supercharger team .

Tesla's Supercharger network, a collection of fast-charging plug-in stations spread over more than 50,000 sites globally, was seen by investors as a vital cornerstone in the company's ambitions to lead the EV market.

Rivals like Ford and GM have been scrambling to gain access to it. The spread of chargers was also seen as a key strategy to offset concerns potential EV buyers might have around range anxiety too.

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So as news broke that Musk was axing the Supercharger team, it's safe to say Tesla investors were left more than a little puzzled. As Tesla investor Ross Gerber put it: "Any retreat from this part of the business will have a negative impact on the EV industry."

At the time, Musk tried to offset some concerns by saying Tesla still "plans to grow" the network, just "at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations."

Tesla still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations — Elon Musk (@elonmusk) April 30, 2024

But with his comments on Friday, it looks like Musk has set out to shake off any lingering doubts about his commitment to a business that analysts have estimated could generate almost $7.5 billion in revenue and $730 million in profit a year for Tesla by 2030.

The thing is, with Tesla still without a functioning Supercharger team, the logistics of implementing Musk's plans remain a bit of a mystery.

Musk, who has driven a big shake-up at Tesla recently following the decision to cut more than 10% of the company's workforce in March, seems to be focusing on robotaxis as he looks to boost Tesla's AI and autonomous driving capabilities.

Two days before firing the Supercharger team, the billionaire wrote on X : "Tesla will spend around $10B this year in combined training and inference AI, the latter being primarily in car. Any company not spending at this level, and doing so efficiently, cannot compete."

At a time when companies are plowing billions of dollars into AI, there seems to be some logic here. But Musk also has a stated goal of selling 20 million Teslas a year by 2030.

He'll definitely want to amp up his Supercharger network too if he plans on achieving that.

Watch: How Elon Musk makes and spends his billions

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