The chief executive of luxury menswear retailer Harry Rosen said he’s worried about Canada’s competitiveness as U.S. corporate tax cuts raise the stakes in a global battle for talent.
“I think we have to be competitive with the U.S. tax situation,” said CEO Larry Rosen in an interview on BNN.
“I think at a corporate level and a personal level, I think we're always at risk of losing our talent to the U.S. and I think we should fight hard to keep our talented entrepreneurs and professionals and business creators in this country."
Rosen touted Canada as a desirable place to live, but said he’s concerned that could be offset by the country’s waning competitiveness compared with the United States.
“People love to live in Canada … But at what premium will the pay?” he said, adding it’s hard for his company to attract international researchers because of this country’s tax rates.
He said he’s particularly concerned about Canada’s ability to retain its young talent.
“It’s your younger people who have just finished school that are looking at their prospects and the situation. And that worries me. We gotta keep our young talent,” Rosen said.
He also lamented that young people will get the short end of the stick as a result of minimum wage increases, which he expects will result in the loss of seasonal and temporary work that many students rely on.
“I feel a little bit sorry for students trying to build a resume and get some job experience. Because a lot of those [temporary positions] will disappear,” Rosen said.
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