11:57:42 EDT Sun 05 May 2024
Enter Symbol
or Name
USA
CA



Shopify Inc
Symbol SHOP
Shares Issued 1,208,467,290
Close 2024-04-22 C$ 96.65
Market Cap C$ 116,798,363,579
Recent Sedar Documents

FP says Shopify grumbles that it has to pay taxes, too

2024-04-22 07:18 ET - In the News

The Financial Post reports in its Monday edition that at a conference hosted by Shopify in 2018, Prime Minister Justin Trudeau took a moment to marvel at the unlikely success of two men who started out as snowboarders. Postmedia's Stuart Thomson writes that Mr. Trudeau, the former snowboarding instructor, was sharing the stage with Shopify founder Tobias Lütke, whose company had its beginnings as an on-line snowboard shop. They chuckled at their humble beginnings as a couple of young bros; Mr. Trudeau said, entrepreneurs need to show "a little more swagger." His relationship with high-tech leaders has been straining in recent years. What were simmering frustrations came to a boil last week after the government promised to collect more taxes on capital gains income. "Message from a friend: 'Canada has heard rumours about innovation and is determined to leave no stone unturned in deterring it,'" Mr. Lütke tweeted. Hundreds of tech leaders and entrepreneurs joined the Shopify founder in postbudget dismay this week, signing an open letter decrying the tax changes. The government normally taxes 50 per cent of capital gains profits but, starting in June, it will levy taxes on two-thirds of it for income over $250,000.

© 2024 Canjex Publishing Ltd. All rights reserved.