“There’s Been An Exodus From Canada” Says Suncor CEO As Investment Leaves

“Canada is not doing very well, competitively, at the moment,” Steve Williams said in an interview with BNN Bloomberg.

The CEO of Suncor says Canada is pushing away investment, in large part due to the burden of regulations and taxes.

In an interview with BNN Bloomberg, Suncor CEO Steve Williams said “I think we’re running out of [companies to leave], in a sense. The big guys have already exercised some of their options.”

“Canada is not doing very well, competitively, at the moment,” added Williams. “So, if you look at the sum of taxation plus royalty, then add into that the regulatory uncertainty… generally around the world there’s been an ‘Off Canada’ signal.”

Williams also said, “There’s been an exodus from Canada. Ourselves and a few others have been consolidators of that. So we keep a watching brief, but we’re not chasing anything.”

As CEOs often do to cover their ass politically, Williams praised Justin Trudeau for saying the Trans Mountain expansion “will be built,” though many have pointed out that Trudeau’s actions and words rarely match up.

Williams’ comments echo the rising tide of concern from businesses and investors on how Canada is becoming seen as a worse and worse place for investment.

This is no real surprise, since it’s well known that investment flows to where it is seen as having the best chance of succeeding. With the US cutting taxes and reducing regulations, our neighbours to the south now seem like a better bet, while Canada is imposing carbon taxes and adding regulations. So, it’s a no-brainer that investment will leave Canada.

Danger of the controlling mindset

What we are seeing is the danger of a government stuck in a controlling mindset. Often, the best thing the government can do is step back and let people make their own decisions and choices.

Unfortunately, the Trudeau government is obsessed with having control over everything, and that means they feel the need to impose taxes and regulations that hold Canada back. That obsession with control is turning Canada into a more divided, and less prosperous nation.

Spencer Fernando

Photo – YouTube