We will see if that is better.
I thank all the witnesses.
Before asking my first questions, I’d like to seize the opportunity presented by this first meeting to greet all my colleagues. I hope everyone had a good summer. I also greet all the staff who help with making this committee function. I thank them again for all the work they do.
I’d also like to seize the opportunity to welcome Pat Kelly back and to welcome Luc Berthold, who is with us today.
My first questions will be for the representatives of the FCCQ, the Fédération des chambres de commerce du Québec. I will then ask the representatives for the CSN, the Confédération des syndicats nationaux, for their thoughts.
We are talking here about changes made to the capital gains inclusion rate, based on the principle that we must make the system fairer and more progressive, regardless of the form of remuneration.
I am very much looking forward to seeing the bill’s official text, because consultations were held until quite recently, particularly with businesses. What will change from what was announced over the summer? For example, I am concerned about small investors from the middle class who saved their entire lives to buy a multiplex. They could be penalized when they sell it. Will the bill’s final wording take that into account?
When it comes to businesses, Mr. Noël clearly expressed FCCQ members’ fears on the matter. What can we do to set up a fairer and more progressive system without penalizing the economy by, for instance, negatively impacting venture capital?
Incidentally, for small businesses, the capital gains exemption is going from $1 million to $1.25 million. After 2025, it will be indexed.
As Mr. Noël pointed out, there is also the Canadian Entrepreneurs’ Incentive. It does not seem to be enough.
Mr. Noël, do you think this incentive will be enough for small and medium businesses, but not bigger ones? What about venture capital? What is your analysis of that?
You also suggested setting a threshold of half a million dollars. Could you elaborate on that?
I will then ask the CSN for its point of view.