In an op-ed arguing that “we must look beyond the innovation policy and targeted sectoral support that Ottawa likes to serve up,” J. Ari Pandes and L. Daniel Wilson warn that despite record TSX highs, Canada faces a “puzzling drought” of new public listings that undermines productivity, wages and long-term national prosperity. They contend that public markets are essential because they “democratize ownership for middle-class Canadians,” yet growth-stage firms increasingly turn to foreign private capital, accelerating the relocation of promising companies. To reverse this trend, they propose allowing investors to defer capital gains only when reinvesting in Canadian-controlled IPOs, calling the policy “a timing adjustment” that would keep capital “active in Canadian public markets” and help build globally competitive domestic champions.