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IIAC president Ian Russell is seen in this file photo.
IIAC president Ian Russell is seen in this file photo.
(Fred Lum/The Globe and Mail/Fred Lum/The Globe and Mail)

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Capital markets business looks for small budget victories

The head of the trade association representing Canadian securities firms is expecting small victories from Thursday’s federal budget, rather than a big win the industry had been seeking.

The investment industry had been lobbying for an incentive to help small- and medium-sized companies raise money in capital markets – which would generate business for securities dealers. Representatives of the Investment Industry Association of Canada travelled to Ottawa last month and put forward ideas such as the ability for investors to do a tax-free rollover when they sell holdings in small- and medium-sized companies, so long as the proceeds were reinvested. Another option would be a break on capital gains, said IIAC head Ian Russell.