Maverix’s Ruffolo Warns Trudeau of Capital Flight After Tax Hike
- Tech investor says angel investors will focus on US startups
- He warned the measure will be detrimental to productivity
John Ruffolo
Photographer: Harry Murphy/Sportsfile/Getty Images
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A prominent Canadian technology investor joined the chorus of Canadian businesses criticizing Prime Minister Justin Trudeau’s decision to raise the capital-gains tax, arguing it will cause capital flight from the country.
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.