Dave McKay, the president and the CEO of Royal Bank of Canada (RBC), one of the largest Banks in Canada, warns that the investment dollars are flowing out of Canada to the United States in real time.
Dave is urging the Federal government to take the necessary steps to prevent the flow of investment money from Canada. He feels that the new tax reforms brought forth by the United States are the main reason for investment capital to flow out of this country.
McKay is of the opinion that a significant investment capital has already switched sides to the US, particularly in the clean technology and energy fields. He fears that the worse for Canada is yet to happen. He says that following the capital, he expects the best talent pool that includes problem solvers and engineers to cross the border.
He wants the Federal government to look into these issues with immediate effect. Even though the government is promoting all over the world that Canada as a very good place to invest, it needs to first take action to keep the capital intact. The government must take steps to keep the financial and the human capital in Canada.