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Political Finance: The Desmarais family and the Poilievre dignitaries

Political Finance: The Desmarais family and the Poilievre dignitaries

Ottawa | Giants of the Canadian business world, including Paul Desmarais III, are rallying financially behind Conservative Leader Pierre Poilievre, saying they are frustrated with the performance of Canada's economy under Justin Trudeau's Liberals.

The Conservative Party, the undisputed champion of political finance, can count on the support of small donors, but also very influential figures in high finance, according to Bloomberg.

On this list are one of the CEOs of Power Corporation, Paul Desmarais III, the big boss of telecom giant Rogers, Tony Stavieri, and the CEO of a major brokerage, Canaccord Genuity, Daniel Davio.

Between January and March, the Conservatives raised $10.7 million from 51,000 donors, three times the $3.1 million the Liberals received from about 28,000 people.

Paul Desmarais III launched a violent attack on Justin Trudeau before the fall 2021 elections in a message on social media, which he immediately deleted.

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The wealthy businessman has been against the Liberals' promise, since fulfilled, to impose additional taxes on profits made by big banks and insurance companies during the pandemic.

Mixed message

These wealthy donors interviewed by Bloomberg say the Trudeau government is spending too much and is more interested in redistribution than creating wealth.

Ottawa announced in its budget its intention to increase the capital gains inclusion rate from 50% to 67% on earnings exceeding the ceiling of $250,000 annually.

The measure, which will take effect on June 25, is supposed to generate $20 billion over five years in revenue for the federal government.

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Conservative Leader Pierre Poilievre casts doubt on his potential support for the Liberal measure.

The exit of these wealthy donors contradicts the political message of Mr. Poilievre, who is trying to be the voice of workers and blue-collar workers, while signaling to big companies that he does not intend to sign checks easily if he becomes president of the country. minister.