Finance Minister Chrystia Freeland presents the federal budget in the House of Commons on April 16. To be sure, tax fairness is not Ottawa's only goal in raising taxes on capital gains, writes David Olive. It needs more money to fund its spending priorities, and Freeland settled on the least-bad way of financing improvements to Canadian quality of life.
And it’s uncalled for.
The outrage is focused on a budget provision that raises the portion of capital gains from the sale of an asset that is subject to taxation to 66.7 per cent from 50 per cent.
It applies to capital gains of more than $250,000 for individuals, and to all capital gains by corporations and trusts.
The change takes effect June 25.
Opposition to that reform has come from business lobby groups, doctors, premiers, bank economists, corporate CEOs and an entrepreneurs’ group that calls on Ottawa to “scrap this disastrous take hike on investment.”
Big business isn’t happy either.
The tax reform “does not send the right signal for risk-taking, for investments, innovation or long-term wealth creation and ultimately for the social fabric of our country,” Laurent Ferreira, CEO of National Bank of Canada, declared last week.
In fact, raising the inclusion rate on capital gains strengthens the country’s social fabric by making the tax system a bit fairer at a time of punishing income inequality.
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Disgraceful behaviour on Parliament Hill
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