Minister François-Philippe Champagne,
We appreciate the government’s focus on attracting capital to Canada, lowering barriers to new investment and getting major projects built faster. The Canada Investment Summit demonstrated what is possible when government, business and investors work toward a common goal, bringing together major pools of global capital and mobilizing significant new commitments to Canadian projects and businesses.
Nous saluons l'attention que porte le gouvernement à l'attraction de capitaux au Canada, à la réduction des obstacles à l'investissement et à l'accélération de la réalisation des grands projets. Le Sommet canadien sur l'investissement a été une démonstration convaincante de ce qui devient possible quand gouvernement, entreprises et investisseurs travaillent dans le même sens.
We want to help build on that momentum.
Nous souhaitons contribuer à maintenir cet élan.
Alongside the capital required for infrastructure, energy, critical minerals and other major projects, Canada needs a deeper supply of risk capital for the companies that will use our talent, ideas and resources to compete in and shape global markets. While a major project is generally financed against identifiable assets and expected cash flows, a young company often needs investment years before its market, technology or commercial potential has been fully proven.
Au-delà du capital nécessaire pour les infrastructures, l'énergie et les minéraux critiques, le Canada a besoin d'une offre plus abondante de capital de risque pour les entreprises qui s'appuient sur nos talents, nos idées et nos ressources pour rivaliser sur les marchés mondiaux. La distinction est importante : un grand projet peut être financé contre des actifs tangibles et des flux de trésorerie prévisibles. Une jeune entreprise, elle, a souvent besoin d'investissements des années avant que son marché, sa technologie ou son potentiel commercial ne soit pleinement démontré.
That means someone has to be willing to take a risk on a Canadian company and be bullish on Canada as the best place for that company to scale from. But the talent and capital our companies depend on are highly mobile, and Canada competes every day with larger markets offering founders, employees and investors compelling reasons to build elsewhere.
Cela exige des investisseurs prêts à parier sur une entreprise canadienne, et convaincus que le Canada est le meilleur endroit pour continuer sa croissance. Or, les talents et les capitaux dont dépendent nos entreprises sont hautement mobiles. Chaque jour, le Canada rivalise avec des marchés plus grands qui offrent aux fondateurs, aux employés et aux investisseurs des arguments convaincants pour bâtir ailleurs.
Canada therefore has to give those people compelling reasons to choose here. Our homegrown founders can spend years building before realizing a meaningful return. Early employees often accept equity because a growing company cannot match the compensation of a larger competitor. Angel and venture investors commit capital knowing that many of their investments will not succeed. How Canada rewards risk-takers influences where people choose to invest their money, time and ambition.
Pour que les meilleurs talents, fondateurs et investisseurs choisissent le Canada, il faut que ça en vaille la peine. Nos fondateurs peuvent passer des années à bâtir avant de voir leur entreprise être profitable. Les premiers employés renoncent à des salaires compétitifs pour des parts d'entreprise, pariant que la valeur qu'ils contribuent à créer leur reviendra un jour. Les investisseurs s'engagent en sachant que plusieurs de leurs paris ne porteront pas leurs fruits. La manière dont le Canada traite ceux qui prennent des risques détermine où ils choisissent d'investir leur argent, leur temps et leur ambition.
When those bets succeed in Canada, the benefits spread through the entire economy. Companies that scale here train specialized workers, develop experienced executives and build commercial expertise that becomes part of Canada’s economic capacity. Their employees can become founders, their founders can build again, and the people who helped finance and lead them can invest their capital and experience in the next generation of Canadian businesses.
Quand ces paris réussissent, c'est tout l'écosystème qui en bénéficie. Une entreprise qui croît ici forme des talents, forge des leaders et développe une expertise commerciale qui reste au pays. Ses employés deviennent les fondateurs de demain. Ses fondateurs bâtissent à nouveau. Et ceux qui les ont soutenus réinvestissent leur capital, leur réseau où encore leur expérience dans la prochaine génération d'entreprises canadiennes. C'est ainsi que se construit un écosystème durable.
Successful Canadian companies also expand the tax base in Canada. As they grow, hire, become profitable and generate more economic activity, they contribute more corporate, personal and other tax revenues that governments can use to fund health care, schools, social programs and infrastructure.
Les entreprises canadiennes florissantes contribuent également à élargir l'assiette fiscale du Canada. En continuant leur croissance, en embauchant, en devenant rentables et en générant davantage d'activité économique, elles produisent des recettes fiscales supplémentaires (impôts des sociétés, impôts des particuliers et autres) que les gouvernements peuvent utiliser pour financer les soins de santé, les écoles, les programmes sociaux et les infrastructures, par exemple.
And where that value ultimately accrues matters. When a company remains headquartered in Canada, and more of its ownership, intellectual property, data and strategic decision-making remain here, more of the talent, expertise, investment and fiscal benefits created by its growth can compound here as well. The objective is not simply to produce more successful companies, but to create a cycle in which one Canadian success increases our capacity to produce the next. This is how we can fuel Canadian prosperity for every generation.
Et l'endroit où cette valeur se matérialise a son importance. Quand une entreprise reste ancrée au Canada, que sa propriété intellectuelle, ses données et ses décisions stratégiques demeurent ici, les retombées de sa croissance le restent également. Les talents formés, l'expertise développée et les revenus fiscaux générés se consolident ici plutôt que de migrer ailleurs. L'objectif n'est pas simplement de produire davantage d'entreprises prospères, mais de créer un cycle dans lequel chaque succès canadien contribue au prochain. C'est ainsi que nous poserons les jalons d’une économie qui profitera aux Canadiens d'aujourd'hui et de demain.
We believe two targeted tax changes can strengthen that cycle while complementing the government’s broader investment agenda.
Nous croyons que deux changements fiscaux peuvent renforcer ce cycle, tout en complémentant le programme d'investissement plus large du gouvernement.
1. Create a meaningful Canadian QSBS-style incentive
1. Créer un incitatif canadien significatif de type QSBS
Canada should build on the original proposal for the Canadian Entrepreneurs’ Incentive to give founders, early employees and investors a stronger reason to commit their time and capital to qualifying Canadian growth businesses.
Le Canada devrait bonifier la proposition initiale de l'Incitatif pour les entrepreneurs canadiens pour offrir aux fondateurs, aux premiers employés et aux investisseurs une raison plus convaincante de miser leur temps et leur capital sur les entreprises canadiennes en croissance.
The United States has long recognized this principle through its Qualified Small Business Stock regime, which provides preferential capital gains treatment for eligible shares held over time. Canada has an opportunity to establish a competitive counterpart.
Les États-Unis reconnaissent depuis longtemps ce principe à travers le Qualified Small Business Stock, qui prévoit un traitement préférentiel des gains en capital pour les actions admissibles détenues sur une certaine période. Le Canada a l'occasion d'établir un équivalent compétitif via l'Incitatif pour les entrepreneurs canadiens.
Specifically, we propose raising the incentive cap for each taxable event to $15 million, removing restrictive ownership thresholds and broadening eligibility so that the benefit reaches more of the people taking meaningful risks in building and financing Canadian growth companies. These changes would make Canada more competitive with the United States.
Plus précisément, nous proposons de porter le plafond de l'incitatif à 15 millions de dollars par évènement imposable, de supprimer les exigences de participation minimale et d'élargir les critères d'admissibilité afin que l'avantage soit plus facilement accessible aux personnes qui prennent des risques significatifs en bâtissant et en finançant des scale-ups canadiennes. Ces modifications rendraient le régime canadien plus compétitif face aux États-Unis.
The practical effect would differ depending on who is taking the risk. A founder would have a stronger incentive to spend years building a valuable company here. An early employee would receive more meaningful upside from accepting equity as part of their compensation. An investor would have a better potential after-tax return for committing capital when a company’s prospects remain uncertain.
L'impact varierait selon le type de risque assumé. Un fondateur aurait une raison plus forte de consacrer des années à bâtir une entreprise de valeur ici. Il serait plus avantageux pour un premier employé d’accepté des parts d'entreprise dans le cadre de sa rémunération. Un investisseur bénéficierait d'un meilleur rendement potentiel après impôt pour avoir engagé du capital à un moment où les perspectives de l'entreprise restaient incertaines.
It would also send an important signal about Canada’s ambition: that we want the world’s most ambitious entrepreneurs to build here, successful investors to keep putting capital to work here, and world-class talent to see Canada as a place where taking a risk can be rewarded.
Cela enverrait également un signal important sur les ambitions du Canada : que nous voulons que les entrepreneurs les plus ambitieux du monde bâtissent ici, que les investisseurs qui connaissent du succès continuent d'y déployer leur capital, et que les talents de calibre mondial voient le Canada comme un endroit où la prise de risque peut être récompensée.
This incentive is not a tax break for the technology industry. It is a tool that lets Canadians deploy capital into the Canadian ecosystem by rewarding the risk involved. Most investors who stand to benefit from this kind of incentive are not large institutional players, but ordinary Canadians. At its core, this is about rewarding the risk Canadians take when they invest in other Canadians.
Cet incitatif n'est pas un «cadeau» fiscal pour l'industrie technologique. C'est un outil pour encourager les Canadiens à investir dans leur propre économie. Ceux qui en bénéficieraient sont en grande partie des investisseurs ordinaires, pas de grandes institutions. Il s'agit simplement de récompenser le risque que les Canadiens prennent quand ils misent sur d'autres Canadiens.
2. Make it easier to reinvest Canadian success
2. Maintenir le capital dans l'écosystème canadien
We also propose allowing more entrepreneurs and investors - including those investing through corporations or funds - to defer capital gains when proceeds from one qualifying Canadian business investment are reinvested in another qualifying Canadian business, building on changes made this year.
Nous proposons également de permettre à davantage d'entrepreneurs et d'investisseurs - y compris ceux qui investissent par l'intermédiaire de sociétés ou de fonds - de reporter les gains en capital lorsque le produit d'un investissement admissible dans une entreprise canadienne est réinvesti dans une autre entreprise canadienne admissible, en s'appuyant sur les changements apportés cette année.
The tax would be deferred rather than eliminated while the capital remains invested. For someone who has successfully built or backed a Canadian company, that would create a stronger incentive to put the proceeds back to work rather than take them out of the growth economy.
L'impôt serait reporté plutôt qu'éliminé, tant que le capital demeure investi. Pour quelqu'un qui a réussi à bâtir ou à financer une entreprise canadienne, cela créerait une incitation plus forte à remettre le produit de la vente dans l'économie plutôt que de le conserver en tant qu’épargne.
A QSBS-style incentive and a broader capital gains rollover that is more open to investors therefore address two stages of the same cycle: making the initial risk more attractive and making it easier for the capital and experience created by success to be reinvested. Over time, as those companies scale from Canada, the value they create can return to Canadians through better jobs, new businesses, a stronger tax base and a deeper reservoir of talent, capital and expertise.
Un incitatif de type QSBS et un report des gains en capital plus accessible aux investisseurs s'attaquent donc à deux étapes du même cycle : rendre le risque initial plus attrayant et faciliter le réinvestissement des gains dans l'économie canadienne. Résultat : plus d'entreprises qui grandissent ici, plus d'emplois de qualité, une assiette fiscale plus large et un écosystème qui se renforce à chaque génération.
These policies should not be strictly limited to the technology sector, but to a wider set of productive, innovative industries. Companies in advanced manufacturing, life sciences, mining and natural resources, and other innovative sectors face many of the same challenges when they are commercializing intellectual property, developing new products or entering global markets. The common requirement is patient capital prepared to accept risk in exchange for the possibility of significant growth.
Et ces politiques ne devraient pas être seulement limitées au secteur technologique mais à davantage d’industries productives et innovantes. La fabrication de pointe, les sciences de la vie, l'exploitation minière, les ressources naturelles : tous ces secteurs ont besoin du même ingrédient, soit un capital patient, prêt à prendre des risques en échange d'une possibilité de croissance significative.
We appreciate the ambition the government has brought to attracting capital, improving Canada’s investment climate and accelerating major projects. We believe there is an opportunity to apply that same focus to the people willing to finance and build Canadian companies.
Le gouvernement a démontré une ambition réelle pour attirer des capitaux et améliorer le climat d'investissement au Canada. Nous croyons que cette même ambition devrait s'étendre aux personnes prêtes à financer et à bâtir les entreprises canadiennes de demain.
We offer these proposals in that spirit and would welcome the opportunity to work with the government on their design. The goal is straightforward: make it more attractive to invest in the next generation of Canadian companies, and make it easier for the success of one to help finance the next.
Nous soumettons ces propositions dans cet esprit et serions ravis de collaborer avec le gouvernement à leur mise en œuvre. L'objectif est clair : rendre l'investissement dans la prochaine génération d'entreprises canadiennes plus attrayant, et faire en sorte que le succès d'une entreprise aide à financer la suivante.
Signed by Canadian entrepreneurs, CEOs, investors and business organizations, including:
Signé par des entrepreneurs, des PDG, des investisseurs et des regroupements d’entreprises, y compris:
John Ruffolo
Founder & Managing Partner of Maverix Private Equity
Carol Wilding
President & CEO, CPA Ontario
Michael Garrity
Board Co-Chair, C100
Patrick Searle
CEO, Council of Canadian Innovators
Dr. Christine Sawchuk
President & CEO, Chartered Business Valuators Institute
Michael Buhr
Executive Director & Board Member, C100
Benjamin Bergen
CEO, Canadian Venture Capital & Private Equity Association
Mike Wessinger
Board Co-Chair, C100
Claudio Rojas
CEO, National Angel Capital Organization
Abdulgadir Abdi
Founder, Core+Bridge Ventures Inc.
Ali Abou Daya
CEO, Transactix Financial Inc.
Abbas Abou Daya
CEO, Gearlay Technologies Inc.
Joel Abramson
Managing Partner, Top Down Ventures
Akolade Adegoke
Founder, Ako Capital Inc.
Lalit Aggarwal
President, Manor Park Holdings
Sachin Aggarwal
CEO, SkyCan Systems Inc.
Prashant Agrawal
CEO, Be Pacific & Executive Director, Canadapreneur
Gary Agnew
Co-Founder & CEO, Ideon Technologies
Simon Ahdoot
Chief Executive Officer, Hypertec
Lizaveta Akhvledziani Carew
Co-Founder & CEO, Chexy
John Albright
Co-founder, Relay Ventures
Jamie Algate
Senior Partner, TEEMA
Mazin Al-Ani
Co-Founder, Definite
Chris Albinson
Managing Director, True North Fund
Maor Amar
Managing Partner, Impression Ventures
Darren Anderson
CEO & Co-Founder, Vive Crop Protection
Paul Andreola
CEO, NameSilo Technologies
Will Andrew
CEO, Lumify Inc.
Tim Angus
CEO, Brickeye
Keenan Anthony
Managing Partner, Gale Ventures
Hamid Arabzadeh
CEO, Ranovus
Chloe Archambault
Managing Partner, Quantacet
Michael Arthur
Founder, Michael Arthur Real Estate Ventures Inc.
Chris Arsenault
Managing Partner, Inovia Capital
Brad Ashley
Managing Partner, PRIVEQ Capital Funds
Alex Athanasopoulos
Managing Partner, Messini Capital
Rob Attwell
Founder & COO, Careteam Technologies
Jeremy Auger
Founder & Managing Partner, Lucid Ventures
Laura Ayre
Bridge Advisor, Upper Harbour
Saud Aziz
Co-Founder, Venn
Ram Babbar
CEO, TechX Startup Corp
Michael Badham
President & Managing Director, Georgian Angel Network
Behdad Bahrami
CEO, Edgecom Energy
Alex Baker
Managing Partner, Relay Ventures
Armen Bakirtzian
CEO, Intellijoint Surgical
Janet Bannister
Founder & Managing Partner, Staircase Ventures
David Barnes
Managing Director, Capital, R-LABS
Martin Basiri
Founder & CEO, Passage
Frederic Bastien
Managing Partner, Amiral Ventures
Alan Baxter
Co-founder & Chief Exploration Officer, Quminex
Serge Beauchemin
Managing Partner, AQC Capital
Philippe Beaulieu
CEO, Mecademic Inc.
Pierre Beauparlant
Executive Managing Director, Finchley Healthcare Ventures
Dominic Becotte
Managing Partner, Amiral Ventures
James Beer
CEO, Qu Data Centres
Luke Begley
CEO, President, CircuitIQ Inc
Janie Béïque
Présidente et Cheffe de la direction, Fonds de solidarité FTQ
Nic Beique
CEO, Helcim
Dan Belhassen
CEO, neovation
Adam Belsher
CEO, Magnet Forensics
Ronen Benin
CEO, Zero To One Strategic
Dmitri Belenki
Investment Analyst, Greensoil PropTech Ventures
Scott Bell
Senior Financial Planner, CIBC
Philippe Bergeron-Belanger
Managing Partner, Barricad Capital
Jacques Bernier
Managing Partner, Teralys Capital
Kunal Bhasin
Co-founder, Uncoupled Inc.
Shiva Bhardwaj
Founder, Pitstop
Niraj Bhargava
CEO, NuEnergy.ai
Shrenik Bhatt
Software Engineer, Stealth
Brian Bimm
CEO, IdeaRamp
Tyson Birchall
Managing Director, Longbow Capital Inc.
Lise Birikundavyi
Managing Partner, BKR Capital
Zac Blakely
CEO, Co-Founder, Everly AI
Therence Bois
Co-Founder, Valence Labs
Ramanpreet Boparai
Angel Investor, Space.Form
Robert Bordeleau
President - Founder, Ocean Pharma Inc.
George Bordianu
CEO, Balance
Kalthoum Bouacida
Partner, AQC Capital
Brian Boulanger
CEO, ARC Financial Corporation
Frederic Boulanger
Co-Founder, Aventure Capital
Mathieu Boulianne
Co-Founder & CEO, Aviron
Jake Bouma
Partner, JT Pacific Capital Partners
Christophe Bourque
General Partner, White Star Capital
Erin Brace
CFO, Tuhk Inc.
Simon Boudreau
Co-founder, Groupe JDSB
Johnathan Bonnell
CEO, Wholly Veggie Corporation
Mallorie Brodie
CEO, Co-Founder, Bridgit
Ilya Brotzky
CEO, VanHack Technologies Inc
Charlene Brophy
CEO, FONEMED
James Brown
Chairman of the Georgian Angel Group, Georgian Angel Group
Sean Brownlee
Managing Partner, True North Fund
Marianne Bulger
Partner, True Search
Eric Bushell
Fmr CIO, CI Signature Funds
Ryan Bussiere
Co-founder, Yelobird AI
Shawn Bustin
President, Longview Capital
Michael Byrne
Co-founder, Bia Neuroscience
Kevin Callahan
CEO & Co-Founder, Hopscotch Labs
Joe Canavan
CEO, Canavan Capital
Louis Carbonneau
Founder & CEO, Tangible IP, LLC
Marc-Antoine Cantin
CEO, Anges Québec
Rory Capern
COO, Redbrick Technologies
Matthew Carlyle
President & CEO, adMare BioInnovations
Jason Carvalho
Co-Founder & Managing Partner, HUMANUS.VC
Dan Carruthers
CEO, Raven Connected Inc.
Gordon Cassie
Founder, Eno PDF
Neil Cawse
CEO, Geotab Inc
David Charbonneau
Managing Partner, Boreal Ventures
Tehmina A Chaudhry
President, Canada Startup Association
Alex Cheah
Partner, Lionpeak Partners
Ye Chen Chen
CEO, Brilliant Phoenix Capital Management Inc.
Wayne Chester
CEO, Sendum Wireless Corporation
Vikram Chopra
CEO & Co-Founder, Shabodi
Michelle L. Christian
Founder & Principal, Equity-Informed Governance, MLC Strategic Administrative Design Services
Trevor Clarke
Co-Founder & President
Reed Clayton
CEO, Codezero
Hugh Cleland
CEO & Co-Founder, Roadmap Capital
James Cohen
Founder & CEO, Nevvon
Matt Cohen
Founder & Managing Partner, Ripple Ventures
Zac Cohen
Chief Product Officer (previously Chief Operating Officer), Trulioo
G. Mark Collett
President & CEO, Crosbie Group / Twinshore Group Limited
David Coletto
Founder & CEO, Abacus Data
Alex Conconi
President, Conconi Growth Partners
Mike Cook
CEO, IDENTOS Inc
Glenn Cowan
Founder / Managing Partner, ONE9
Jeffrey Crelinsten
CEO, The Impact Group
Paul Crowe
Co-founder & CEO, House Beat
Code Cubitt
Managing Director, Mistral Venture Partners
Jason Cunliffe
Managing Partner, North Valor Partners
Peter Dal Bianco
Axion Limited Partner & Mentor, Cambrian College, Palusa Investments Limited
Marcus Daniels
Founding Partner, Highline Beta
Nathan Daniels
President, Grass Anchor Farms
Sally Daub
Founder, BorderPass
Fadi Dawood
President, The Idea Hunter
Jeffrey Deacon
Managing Partner, Private Debt Partners
Kyle de Jong
CEO, Intrynsyc Capital Corp.
Daniel Debow
CEO, DMI
Neil Desai
CEO / Chair, FinVentures / ClearRisk / Solace Power
Simren Desai
CEO, The Clarity Group
Jean Desgagne
Chait, Canada Stablecorp
Shayn Diamond
Partner, Whitecap Venture Partners
Arlene Dickinson
Founder & Managing Partner, District Ventures Capital
Mark Dobbin
President, Killick Capital Inc.
Josh Domingues
Founder & CEO, Medwallet
Paul Donald
CEO, Encircle
Riley Donelson
VP, Atomic
Pieter Dorsman
Investor, Angel Forum, eFund
Afshin Doust
Partner, Gale Ventures
Drew Dorweiler
CEO, Dartmouth Partners Limited
Ryan Dunfield
CEO, SAF Group
Deepak Dutt
CEO, Zighra
Allen Eaves
President & CEO, STEMCELL Technologies
Daniel Eberhard
Founder & CEO, KOHO Financial Inc.
Nectarios Economakis
Co-Founder & Partner, Amiral Ventures
Andre Edelbrock
CEO, Tuhk Inc.
Scott Edmonds
CEO, Leyden Hill Associates Inc.
Amine El Kaouachi
CEO, Quantolio
Paul Eldridge
Partner, Fulcrum Capital Partners
Joel Ellingson
President & Founder, Axel Labs Inc.
Julia Elvidge
Co-Founder, SheBoot
Theresa Evanoff
Executive Director, Global Angel Investor Network
Candice Faktor
CEO, Disco
Veronica Farmer
CMO, Wesley Clover International
Jeff Fedor
Founder, Factory Twelve Labs
Allan Fisch
Founder, Stealth
Jamie Firsten
Partner, Goodmans LLP
Brady Fletcher
President, Roth Canada, Inc.
Anna Foat
Designer, My Health File
Robert Fonn
Partner, DLA Piper (Canada) LLP
Sandra Foster
CEO, Taggart Investments
Chris French
Founder, Primoforte Consulting
Brendan Frey
Founder & CIO, Deep Genomics
Adam Froman
CEO, Delvinia
Andrew Fursman
CEO, 1QBit
Laurent Féral-Pierssens
Founder, BlockZero Innovations
Ranjan Garg
Founder & Managing Partner, Vistara Growth
Andrew Gaucher
President, GGroup Developments & Dynamic Constructors
Caleb Gawne
CEO, Kye AI
Hamza Ghernati
Director - Corporate Development, Investor Relations & Public Affairs, Immune Biosolutions
Giles Gherson
President & Chief Executive Officer, Toronto Region Board of Trade
Mathieu Gibeault
Managing Director, Ventured Synergy
Lindsay Gibson
COO, TextNow
Patrice Gilbert
CEO, Petal
Sandi Gilbert
Managing Partner, InterGen Capital
Chris Gilpin
CEO, OrderUp Inc.
Dan Giurescu
Founder & President, Credivera
Ronald Glibbery
Co-Founder & CEO, Persso
Jay Gohill
CEO, Arcurve Inc.
Mark Goad
CEO, Alan CA Inc
Alex Gold
Founder & General Partner, Harvest Venture Partners
Matt Golden
Founding Partner, Golden Ventures
Jay Goodis
CEO, Tax Templates Inc.
Mike Gozzo
Chief Product & Technology Officer, Ada
Andrew Graham
CEO & Co-Founder, Borrowell
Don Gray
CEO, Winstorm88 Corporation
Todd Gray
Founder & CEO, Autonomous_ID Corporation
Alex Green
VP, Clarity
Joshua Green
Co-Founder, BorderPass Corp.
Shahir Guindi
Chair Emeritus & Partner, Osler, Hoskin & Harcourt LLP
Sebastian Hadjiantoniou
VP Product, CryoStasis
Shadi Hagag
CEO, Transplan
Earle G. Hall
President & CEO, AXES.ai
Lu Han
Partner, Lumira Ventures
Lucy Hargreaves
Co-Founder & CEO, Build Canada
Tim Harlow
Chief complainer, Life
Paul Hart
CEO, Hart Ventures Inc.
Brian Heath
CEO, Endeavour Investments
Pamela Heneault
Vice President, 01 Quantum
Bryan Henry
Senior Investment Advisor, Ventum Financial Corp
Ryan Henry
Partner, Sand Hill North
Paul Hill
Founder, Sparkasa Capital
Jim Hinton
CEO, Own Innovation
Chris Hornsby
CEO, Elemental
Hugo Hodgett
CEO, H2 Analytics
Matt Hogg
Founder & CTO, GeoGen Technologies Inc
Jeff Hohner
President, Tecumseh Capital Ltd.
Hank Horkoff
CEO, Steamoji
Liam Horne
Co-Founder, Hack the North
Mana Hosseini
Managing Partner, Apex VC Fund
Brett House
Professor, Columbia Business School
Randall Howard
General Partner, Archangel Network of Funds
Eric Hubacheck
Co-founder, Managing Director, CanXP
Sarah Huggins
Co-Founder & Chief Operating Officer, Clarity
Jerry Huang
Director, Jemini Capital
Derrick Hunter
President & CEO, Bluesky Equities Ltd.
Deinma Iniowuari
Medical Doctor, Iniowuari Investment Funds Inc.
Keith Ippel
Co-CEO, Spring
Brenda Irwin
Managing Partner, Relentless Venture Fund
Ozan Isinak
President, Keiretsu Forum Canada
Cory Janssen
CEO, AltaML
Jerry Jiang
CEO, Akatos
Nicolas Joseph
CTO, Fiveonefour
Rebecca Kacaba
CEO, DealMaker
Nick Kadysh
CEO, PharmAla Biotech
Scott Kaplanis
Founding Partner, GroundBreak Ventures
Jane Kearns
Partner, Evok Innovations
Harleen Kaur
CEO & Founder, CompSigma Inc
James Keirstead
President & CEO, Levven
Adam Keating
CEO, CoLab
Jackie Khayat
Angel Investor, Anges Qc
Rob Khazzam
Co-Founder & CEO, Float Financial
Edward Kholodenko
Founder & CEO, Questrade
Riyan Khyyat
Managing Director, T3 Labs
Murray Kibler
Retired, Retired
Dali Kladar
Consultant, Kladar Virtual Automation/ Aspecto Canada
Kevin Kliman
CEO, Zemma and Humi
Hans Knapp
Founding Partner, Yaletown Partners Inc.
David Kolada
Managing Partner, Greensoil PropTech Ventures
Jeff Kowal
President, Private
Harrison Kozak
Portfolio manager, Kozak financial group
Shelley Kuipers
CEO, The51
Mano Kulasingam
Managing Partner, Flair Ventures
Taras Kulyk
Founder & Chair, SunnySide Group of Companies & Director, SunnySide Capital Management, Inc.
Rahul Kumaar
Director, NSSD Inc.
Wilson Kwan
Managing Director, Kwantum Advisory Inc.
Crystal Kyabaggu
Chief Financial Officer, United Way Simcoe Muskoka
Chris LaBossiere
CEO & Owner, We Know Training
Abid Ladhani
Product Lead, Wealthsimple
Brent Lane
CEO, BigGeo
Ian Lane
Executive Director, Northern Ontario Angels
Jonathan Lansky
President of No Straight Lines Investments, independent investor
Jacques LaPointe
Co-Founding Partner, Metiquity Ventures
Tony LaMantia
President & CEO, Waterloo EDC
Heather Lamont
Chief Customer Officer, Co-Founder, Tuhk
Christian Lassonde
Managing Partner, Impression Ventures Inc.
Eva Lau
Co-Founder & General Partner, Two Small Fish Ventures
Didier Lavallee
Founder & CEO, Tetra Digital Group
Miryam Lazarte
CEO, Global Startups
Patrick Leblond
Associate Professor, HaloHealth
Thealzel Lee
Director & President, VANTEC Entrepreneurs (VCC) Fund Inc. dba eFund
Craig Leonard
Managing Director, Graphite Ventures
Shannon Lewis
President, CMDC
Alistair Leyland
CEO, Array of Stars
Bernie Li
Partner, Antler Canada
Zexi Li
B.B.A., University of Toronto
Tim Lichti
CEO, Swap Robotics
Wal van Lierop
Founding Partner, Chrysalix Venture Capital
Philip Liew
CEO, Tactable
Marc Lijour
Founder, Creative Emergy
Howard Lis
President, LIS Capital Corp.
Michael List
Managing Partner, GreenSky Ventures
Kevin Litwiller
CEO, Kevco UnLtd Inc.
Michael Litt
CEO, Vidyard
Keith Liu
EVP, Product Strategy, Klick Health
Andrew Lo
CEO, Embark Student Corp.
Jacoline Loewen
VP, Relationships, Burgundy Asset Management
Stephen Lopes
Partner, Deloitte
Jon Love
Executive Chair, KingSett Capital
Marcos Lopez
CEO, CreditApp
Ron Lovett
Founder & CEO, VIDA
Sean Lowrie
Head of External Affairs, Arca Climate Technologies
John Lyotier
CEO & Founder, TravelAI Solutions Inc
Raymond Luk
Founder & CEO, Source Canada
Leena Lukka
CFO, Rentsync
Neel Lukka
COO, Lucky Logic
Jennifer Lussier
CEO, Platform Calgary
Brad Lynch
COO, Peraso Technologies Inc.
Tim Lynn
Co-Founder & GP, Startup TNT
Ron Mac Donell
CEO, AffinitiQuest
Tyson Macaulay
Founder, Inframetric Analytics
Alex MacBeath
Managing Partner, Island Capital Partners Inc
Hunter Madeley
CEO, Vena Solutions
Sophia Maizel
Principal, HarbourVest Partners
Kellie Manchester
Partner, Weathervane Investments
Daragh Mansworth
President, F.G.L. Precision Works Inc
Marc-André Marcotte
Partner & Head of Venture Capital, Sectoral Asset Management
Dan Marshall
Managing Director, MDX Innovations
Jonathan Martin
CFO, Clarity
Susy Martins
CEO, Advise2Rise
Marilyn Mason
Consultant, Marilyn Mason Consultant, Higher Education
Neeraj Mathur
General Partner, Lotus Capital
Jennifer Mazzarolo
President, Maverick Consulting Group
Mike Matta
CEO & co-founder, Solink
Mike McAra
President, Investor, Kennox Ventures Ltd.
Sheldon McCormick
CEO, Communitech
Grant McGlaughlin
Partner - Head of Private Equity, Fasken LLP
Alexandra McGregor
CPO, NEXT Canada
Matt McGowan
Self, Self
Craig McLellan
Founder and CEO, ThinkOn
Andrew McLeod
CEO, Certn
Joshua McKenty
CEO, Polyguard
Tracey McVicar
Partner, CAI Capital Partners
Mina Mekhail
CEO, Freshr Technologies
Lisa Melchior
Founder & Managing Partner, Vertu Capital
Andree-Lise Methot
Founder & Managing Partner, Cycle Capital
Marc Milgrom
Chief Strategist, SideDrawer
Shambhavi Mishra
Associate Partner, Antler
Abood Mohamed
VP, RBCx
Amit Monga
Chairman, SARAPOINT
Helene Moore
Angel Investor & Board Member, Anges Quebec
Sally Morris
Executive Chair, Women's Equity Lab
Chris Morrissey
CEO, Invest Nova Scotia
Kyle Mortimer
Senior Director, FP&A, Auvik Networks
Chris Moyer
Founding Partner, Pelorus VC
David Mullen
Managing Director, Highland West Capital
Steven Murphy
President & Vice-Chancellor, Ontario Tech University
David Nault
General Partner, Luge Capital
Sidharth Nayyar
President, WebAbility.io
Larry Nevsky
Partner, Dentons Canada LLP
Anton Neschadim
CEO, ImmunoBiochem
Marcus New
CEO, InvestX
Ray Newal
Founder, Constellation
Jack Newton
CEO & Founder, Clio
Antoine Nivard
Founding Partner, Third Mind Capital
Ruslan Nikolaev
Co-Founder, Float
Garrett Noiles
EVP, Cushman & Wakefield
Alexander Norman
Partner, N49P
Corey Norman
Executive Director, Launch Kawartha
Ross Norrie
CEO & Founder, SkyeConnex
Brandon Nussey
CFO, Jaggaer
Emmanuel Obinugwu
Co-Founder, TDWTradingCo Inc.
Antonio Occhionero
Managing Partner, MKB Equity Partners
Josh Ogden
CEO, AVSS (Aerial Vehicle Safety Solutions)
Karen Olsson
CEO, Atomic47 Labs Incorporated
Andrew Opala
General Partner, Preference Capital
David Ossip
CEO, Dayforce
David Owen Cord
CEO, Avanti
Peter Owsiany
President & CEO, Accerta
Maria Pacella
Managing Partner, Pender Ventures
David Palumbo
Chair, Transactions Canada, Baker McKenzie
Jeff Parr
Vice Chairman, Clairvest Group Inc.
Jean-Francois Pariseau
Managing Partner, Amplitude Ventures
Benjamin Parry
Founder, The Toronto Society
Cato Pastoll
CEO, Loop Financial
Will Pate
Founder, Thrive Revenue
Devashish Paul
CEO & Founder, BluWave-ai
Prashant Pathak
CEO, Ekagrata
Ross Perry
President, CHX Technologies
Michael Petch
CEO, Argo
Michael Phillips
Co-Founder & CEO, Vena Medical
Roch Picknell
President, Wired Synergy Inc.
Sam Pillar
CEO, Jobber
Sean Pindar
Co-Founder & CEO, Harbour Pay Inc
Ted Pispidikis
Head of Private Fund Solutions, Clarity
Nathan Pitzer
VP, Marketing, Clarity
Gary Pocklington
Capital Investor, Pocklington Investments
Wayne Pommen
Chief Revenue Officer, Affirm
Joshua Pope
CEO, Trajekt Sports Inc.
Emily Porta
Executive Director, Maple Leaf Angels
Richard Potts
Chair, Alpha Cancer Technologies Inc.
Olivier Quenneville
CEO, Réseau Capital
Ian Rae
Founder, CloudOps
Christian Rangen
CEO, Strategy Tools
Jesse Rashotte
Executive Director, Angel One Network
Mike Reardon
Revenue Operator, bEffective
Irv Remedios
CEO, Voxer Canada
Lally Rementilla
Founder, IP Investment Partners
Farhan Rehman
CTO, Definite
Rob Renaud
Founding Partner, ENCOR Advisors
Remi Rheault
President/Co-Founder, Eco-Panels Sk Manufacturing Employee Cooperative Ltd
Jay Rhind
Partner, Rhino Ventures
Ralf Riekers
Leadership & Scale Advisor
Whitney Rockley
Co-Founder & Managing Partner, McRock Capital Corporation
Jesse Rodgers
Founder, Builders Club
Camilo Rodriguez
CEO, Mortgages Lab
Howard Rosen
CEO & Founder, Nova Insights Corp
Jeff Rosenthal
Managing Partner, Imperial Capital Limited
Geoffrey Rotstein
CEO, EQ INC.
Benjamin Rovinski
Managing Director, Lumira Ventures
Craig Rowe
CEO, ClearRisk
Colin Ryan
COO & CFO, Solace Power Inc.
JD Saint-Martin
Managing Partner, Boreal Ventures
Manpreet Saini
Founder & CEO, Drone Cleaning Company Inc.
Mark Sakamoto
President, Think Research
Camille Saltman
General Partner, OKGN WMAN Angel Funds
Andrew Sanden
CEO, Intrinsic Venture Capital
Bijan Sanii
CEO, INETCO Systems Ltd
Shez Samji
Head, TD Innovation Partners, TD Bank
Daniel Sax
Founder & CEO, Canadian Strategic Missions Corporation
Tracey Scarlett
Executive Director, Venture Capital Association of Alberta
Adrian Schauer
CEO, AlayaCare
Brice Scheschuk
Managing Partner, GLOBALIVE CAPITAL
John Scott
CEO & Founder, 4Quays Technology Inc.
Sarah Sedgman
Founder & CEO, LearnExperts
Leerom Segal
Group Chairman & CEO, Klick Health
Rohit Sethi
CEO, Security Compass
Arash Shahi
CEO, LandLogic
Derek Sham
Founder & CEO, Cosm Medical
Ameet Shah
General Partner, Golden Ventures
Mohd Shahnawaz
CEO, CityRewards
Danial Shaikh
VP Finance, Property Control
David Shipley
CEO, Beauceron Security Inc.
Myles Shedden
Managing Director, Runestone Capital
Mark Shulgan
President & Co-Founder, Intrepid Growth Partners
Jeevsidak Singh
Co-Founder, Definite
Floyd Sijmons
CEO, Aurelius Consulting
Monique Simair
Director, Slogotski Hunt Centre for Entrepreneurship, University of Saskatchewan
Ross Simmonds
CEO, Foundation
Jayme Silverman
Co-Founder, Courtland Commons Inc.
Mark Skapinker
Partner, Brightspark Ventures
Som Seif
Founder, Purpose Unlimited
Loren Smart
Founder, ZALINCA CORP.
Tobyn Sowden
Founder & CEO, Redbrick Technologies
Chris Springate
CEO, ARC Medical Inc.
Raphael Steinman
Co-CEO, Maxa
Mike Stern
Co-Founder, Kinship
Drew Stevens
Founder, MARGIN
Lawrence Stevenson
Managing Partner, Clearspring Capital Partners
Kimberly Stone
CFO, Giatec Scientific
Peter Strom
CEO, March Networks Inc
Gabriel Sundaram
Co-founder, Attain
Alison Sunstrum
CEO/ Managing Partner, CNSRV-X Inc./NYA Ventures Inc.
Albert Tai
CEO, Hypercare
Tao Tang
CEO, Trident Consulting Inc.
Alex Tapscott
General Partner, First Spike
Sophia Taylor
CFO, Think On, Inc.
Florent Thevenin
Founder & CEO, Blockchain North
Nikhil Thatte
Partner, Lumira Ventures
Bernard Tetu
CEO, Vectanor Group
Derek Ting
CEO & Co-Founder, TextNow
Jill Tipping
CEO, BC Tech Association
Mark Trevitt
Founder & Managing Partner, Defined Capital
Tim Troxel
CEO, Infiniti Electro Optics
Paul Truex
CEO, Thryv Therapeutics, Inc.
Corey Tucker
President, ICI Innovations Incorporated
Alex Tushinski
Founder & CEO, Basestation
Bijan Vaez
Founder & CEO, Merchkit
Babak Varjavandi
CEO, Nakisa
Peter van der Velden
Founder & Executive Chairman, Lumira Ventures
Uday Vellore
CTO, Baker Real Estate Inc.
Blair Vermette
Founder, Rabbithole, Paper Route
Luke Vigeant
SVP, GreenShield Ventures, Greenshield
Ben Vinegar
CEO, Modem
Tuyen Vo
Vice President & Head, Technology & Innovation Banking, Scotiabank | Roynat Capital
Amir Vohooshi
Founding Managing Partner, 7gate Ventures
Karel Vuong
Co-Founder, Renaissance
Dudon Wai
Forward Deployed Engineer, Fourth Age
Khayyam Wakil
President & Founder, CacheCow Technologies
Ray Walia
CEO, Launch Academy
Peter Walker
Founder & Principal Consultant, Boughton Riverview Consulting
Robert Walker
CEO, Canadian AquaFarms Inc.
Ben Walters
VP & GM, Fullscript Inc.
Ian Ward
CEO, Signet Holdings Inc.
Gregg Wassmansdorf
Senior Managing Director, Global Strategy, Newmark
Bryan Wattie
CEO | Founder, GrainFlowOntario
Dan Wasserman
Founder & CEO, Mammoth Health Innovation Inc.
Bryan Watson
Managing Director, CleanTech North
Duncan Weatherston
CEO, Smile Digital Health
Noel Webb
Managing Partner, Lucid Ventures
Mary Wegner
Owner, Wegner Works Inc.
Lori Weir
CEO, Four Eyes Financial
Max Wensel
Managing Partner, Telos Associates
Boris Wertz
Founding Partner, Version One Ventures
Yoseph West
Co-Founder & CEO, Relay Financial
Will Wester
Retired, Retired
Philip Wetterhorn
Brand & Product Strategist, Philip Wetterhorn Brand Strategy
Jeff White
CEO, NBIF
Andrew Wyllie
Principal, NU Frontier Communications
Erin Wiley
General Counsel, The Clarity Group Limited
Cory Willness
CEO, Croptimistic Technology Inc
Mike Winterfield
Managing Partner, Active Impact Investments
Greg Wood
Co-Founder & Vice Chair, MASV
Casper Wong
CEO, Financeit
Kathryn Wortsman
Managing Partner, Amplify Capital
Winnie Wu
Founder, CanWorks Workforce Development Non-Profit
Natalie Yeadon
Founder & CEO, Augmentios
James Yurichuk
CEO, Wuxly
Stephane Zanoni
Co-Founder & CEO, Riva
Harry Zarek
President & Founder, Compugen
Wendy Zatylny
President & CEO, BIOTECanada
Sanjay Zimmermann
General Partner, White Star Capital
Ryan Zoehner
CEO, Algo Communication Products Ltd.
Add your voice.
These reforms would help Canadian companies attract capital, retain talent and compete globally, while ensuring that the success of one Canadian business can help finance the next. If you believe Canada should do more to reward risk-taking, support homegrown company-building and keep Canadian capital and talent at home, please sign the letter.
Last update October 13, 2026 at 12pm ET.
Patrick Searle, CEO of the Council of Canadian Innovators:
“If we want ambitious entrepreneurs to build here, talented employees to join Canadian companies and investors to keep putting capital to work here, Canada needs to make that choice more compelling. A competitive framework for rewarding risk-taking is essential to building companies that remain headquartered in Canada, retain their intellectual property and contribute to Canada’s long-term economic capacity.”
Benjamin Bergen, CEO of the Canadian Venture Capital and Private Equity Association: