Magna CEO Warns Canada’s Competitiveness Is Falling Compared To United States

We’re not going to get business if we’re forced to be uncompetitive,” says Magna CEO Don Walker.

While Bill Morneau keeps pretending everything is fine, the CEO of Magna International Don Walker has added his name to the long list of people warning about Canada’s weakening competitiveness, saying the US is becoming a better place to invest.

According to the Financial Post, Don Walker made the warning at a recent shareholder meeting:

“I’m worried about what’s going on in Canada. I get very frustrated when I see the decisions being made that put undue administrative costs and inefficiencies on our plants, specifically here in Ontario, because we have to compete… We’re not going to get business if we’re forced to be uncompetitive.”

Walker then noted that Canada isn’t comparing well to the United States when it comes to doing business:

“If I look at after-tax returns, the U.S. now has an advantage. So if we have two equal projects — ‘jurisdiction a’ and ‘jurisdiction b’ — and in ‘jurisdiction b’ I get more after-tax dollars, that’s where we’re going start to allocate more dollars… we have to think about what the tax burden is on companies operating in Canada.”

He’s also concerned about potential NAFTA changes, saying it could make our auto sector less competitive.

Scrap the carbon tax and reduce burdensome regulations

Fixing Canada’s competitiveness problem would be easy. Scrapping the carbon tax and getting rid of the burdensome bureaucratic regulations that are hurting Canadian businesses would help our economy boom.

But instead, the Trudeau government is focused on ‘gender’ budgets and expanding the carbon tax every year. And if Wynne or the NDP gets in, Ontario will be even worse for business. The leftist elites are ignoring all the warnings, and weakening our economy every day they refuse to take action.

Spencer Fernando

Photo – YouTube