TORONTO, Jan. 17, 2025 (GLOBE NEWSWIRE) -- The Canadian Trucking Alliance is applauding Conservative Party leader Pierre Poilievre's promise to reverse the capital gains tax (CGT) hike should he become Prime Minister.
CTA has been calling on all federal parties to focus their attention on much-needed measures that will improve growth and investment in Canadian businesses, not make us less competitive and productive.
"The trucking industry is dominated by small-medium enterprises (SMEs). Operating a SME in trucking has many challenges. Most do not have retirement funds to secure our livelihoods for the long-term while we try to maintain the viability of our businesses for the next generation. An increase in a retroactive tax like capital gains will be devastating to small and medium-size trucking owners and their families,” said CTA Chair Greg Arndt, owner of Jade Transport in Winnipeg.
"CTA had heard from many family-run trucking businesses that the capital gains tax increase would make it extremely difficult to make future investments in their family business - dooming their businesses, and many like them, to failure. Today's announcement is a helpful step in making trucking more competitive again; but much more tax relief and changes are required to restore the viability of family businesses which make up the backbone of the Canadian economy. Hopefully, this is a sign of things to come under a potential Conservative government,” added Arndt.
In response to Poilievre's announcement, Ontario Trucking Association chair Mark Bylsma, had this to add:
"The increase in the capital gains tax announced by the current government was crushing for carriers like Spring Creek when it was announced last year. It's a penalty to small and medium-sized business owners and signaled to my children that multi-generational family businesses are a thing of the past,” said Bylsma. "If you own a small or medium-sized trucking fleet or any other family business, today's announcement by the Conservative leader provided some relief that common sense can be restored in how we tax and support Canadian family businesses.
Today's announcement also mentioned that CRA is enforcing the CGT increase even though the law has yet to be passed.
CTA will be seeking clarification on this matter from CRA and making this information available to its members.
Canadian Trucking Alliance
Contact: Marco Beghetto, VP, Communications
416-249-7401 | [email protected]
@cantruck
