00:54:20 EDT Wed 15 May 2024
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TMX Group Ltd
Symbol X
Shares Issued 55,683,756
Close 2023-05-02 C$ 140.09
Market Cap C$ 7,800,737,378
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Globe says Char lost tax incentives by going public

2023-05-02 07:57 ET - In the News

See In the News (C-YES) Char Technologies Ltd

The Globe and Mail reports in its Tuesday edition that Andrew White took his company public in 2016. The Globe's Jameson Berkow writes that once Char Technologies was no longer a private corporation, he discovered that major tax benefits -- incentives for scientific research and experimental development (SR&ED) being key among them -- were no longer available to his business. That is because Canada's tax rules provide Canadian-controlled private corporations (CCPCs) with access to incentives that are not available to public companies. Char chief executive officer Mr. White says, "I didn't totally realize [SR&ED] would disappear." He would have taken his company public regardless, he says, but he questioned why a company like his -- which turns forestry waste products into renewable energy -- should be "penalized" for going public. TMX Group, which has spent years lobbying to change those tax rules, says preventing public companies from accessing incentives that encourage more spending on research and development is making the job of reversing those trends more difficult. If nothing changes our economic growth per capita will continue to stagnate for decades to come.

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