(Kitco News) - Canada will head into the G7 summit this week from a tough position, owing to an uncompetitive economy and a flight of capital out of the country, this according to Kevin O'Leary, Chairman of O'Shares ETFs, and star of the hit T.V. show "Shark Tanks."

"This has a lot to do with just not being competitive on a tax basis; not being competitive on a carbon tax basis, not being competitive on a corporate tax basis, and then on top of all this you've got tariffs coming in," O'Leary told Kitco News.

O'Leary said that investors continue pull money out of the country due to its competitiveness.

"The only thing to look at is the money, it's leaving," O'Leary told Kitco News.

On the upcoming G7 summit, the Shark Tank star said that Canada is not going to get much out of the meeting.

Despite capital leaving the country "by the billions," O'Leary remains optimistic on Canada's economic prospects.

"I'm hoping for change, change, and change. Bang, bang, bang. Back to 3% allocation in 24 months," he said.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.