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Capital gains tax changes will impact financial corporations the most: economists

Capital gains tax changes will impact financial corporations the most: economists

BNN Bloomberg
Thursday, April 25, 2024 9:30 PM GMT

Economists say the impact of Ottawa’s move to raise the inclusion rate on capital gains taxes will impact financial corporations most of all.

Florence Jean-Jacobs, a principal economist at Desjardins, and Randall Bartlett, a senior director of Canadian economics at Desjardins, said in a report Thursday that the impact of the new measures will be felt differently across industries. Last week Canada’s federal government tabled its 2024 budget, which included intentions to raise the inclusion rate on capital gains taxes from one-half to two-thirds for all gains realized by corporations and trusts. The new rate would only impact individuals with gains above $250,000. 

“In the absence of public data on capital gains by sector, the greater the assets (especially financial assets), the greater the risk that some of these industries could be affected by the changed inclusion rate for capital gains,” the report said. 

“This is especially the case for financial corporations, which derive a not insignificant share of their profit from capital gains.” 

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