With a federal budget surplus looming, a new book released Thursday by the Fraser Institute, spotlights three possible options for reducing capital gains taxes in Canada.

“As the debate about how to prioritize the budget surplus continues, evidence from around the world clearly shows that capital gains tax reform in Canada could provide considerable economic bang for the buck,” said Jason Clemens, Fraser Institute executive vice president and co-editor of Capital Gains Tax Reform in Canada: Lessons from Abroad.

Capital gains taxes are imposed on gains from the sale of assets. Canadians currently face the 14th highest capital gains tax rate among the 34 OECD countries. High taxes on capital discourage investment and entrepreneurship, the Vancouver-based think tank says.

The book features a series of essays from internationally-recognized scholars, detailing the experiences of Hong Kong, New Zealand, Switzerland and the United States, and providing reform options for Canada, which include: a capital gains rollover, eliminating the capital gains tax, and lowering the capital gains tax rate.

“As Canada transitions from a federal budget deficit to a surplus, it can learn from other jurisdictions and reform capital gains taxes, laying the foundation for long-term economic growth for the benefit of all Canadians,” said Charles Lammambook co-editor and Fraser Institute associate director of tax and fiscal policy.

The think tank describes itself as an independent, non-partisan policy group but frequently publishes articles that advocate reduced government regulation and increased competition.