National Bank CEO Urges Canada to Rewrite Tax Code

Laurent Ferreira, CEO of National Bank of Canada, urged the federal government to scrap and rewrite the national tax code to make Canada a more competitive jurisdiction for capital and talent. Speaking at a Canadian Club Toronto event on Wednesday, Ferreira argued that the current system is overly complex and places an undue burden on companies, especially small businesses.

Ferreira proposed that the government assemble a small team of tax experts to create the simplest and most competitive tax environment among developed nations within one year. He noted that current research and development subsidy processes are so complicated that they often deter the innovation they are intended to incentivize.

According to Ferreira, a complete overhaul of the tax code is essential for Canada to attract investment in critical minerals and defense. He further stated that such reforms would help the country diversify its economic ties and reduce its reliance on the United States.