95 Per Cent of foreign investors find Canada an investment nightmare: Devastating harm being done to crown jewel of Quebec – Life Sciences – and to Ontario – Finance - 116 Clearance Certificate barrier
December 8, 2009

December 8, 2009

Global TeleForum, December 8, 2009 --- Due to Canadian federal government regulation, Canada has become the world's worst industrialized country in which to invest, said experts speaking today in a TeleForum held by the Canadian Advanced Technology Alliance (CATA). The TeleForum focused on the Section 116 Clearance Certificate Barrier, which puts up a barrier to American investment, which makes up 95% of investment to Canada.

Expert Stephen Hurwitz, Partner, Choate Hall & Stewart LLP, Boston, said that "it is a tribute to Canadian technology prowess that American companies invest in Canada at all," considering the barriers raised by the Canadian government to investment. Canada is paying a premium in terms of lost investment and crippled technological opportunity.

"Capital-starved Canadian companies are being bought at an effective subsidy by American firms," said Tom Houston, Partner, Fraser, Milner Casgrain. "The consequence to Canadian companies is that our ability to commercialize our $9-billion in R&D is crippled -- all to no benefit to the Canadian tax system, which raises no additional revenues from the process.

"This is a message from the Government of Canada, that it does not welcome American investors," added John Reid, CATAAlliance.

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Solutions were proposed in the TeleForum; copies of the recording of the event can be obtained by contacting Emily Boucher at email: eboucher@cata.ca

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