Maverix’s Ruffolo Warns Trudeau of Capital Flight After Tax Hike

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.

Ruffolo said it “feels like 2009 all over again” in terms of capital investment in Canada, a reference ...