House of Commons vote on contentious capital gains tax change set for Monday
Global News
Finance Minister Chrystia Freeland maintained Saturday that only a small number of wealthy Canadians will be paying more, despite objections from some professionals.
The Liberal government is proceeding with its controversial capital gains tax change proposal. It’s set to be introduced in the House of Commons on Monday.
The tax hike could have been included in the 2024 budget bill tabled in April, but the Liberals gave it a separate legislative treatment in the hope of scoring some political points against their chief rivals, the Conservatives.
Finance Minister Chrystia Freeland reminded Canadians at a press conference on Saturday that only a small number of wealthy individuals and corporations — about 40,000 or so — will be paying more in capital gains taxes.
“Tomorrow we will introduce changes that will result in a small number of well-off Canadians paying a little more in tax when they sell a successful investment,” Freeland told reporters.
Freeland tabled the federal government’s 2024 budget on April 16, which included a proposal to raise the inclusion rate — the portion of capital gains on which tax is paid — to 66.7 per cent for individuals realizing more than $250,000 in capital gains annually.
People realizing up to $250,000 in capital gains will continue to pay tax on 50 per cent of their capital gains. For corporations and trusts, however, there is no threshold. The inclusion rate for them will increase to two-thirds for all realized capital gains.
Freeland has maintained that the small hike in capital gains taxes will draw in an estimated $19 billion in new revenue over the next five years, which will help the Liberals pay for a slew of new spending on programs such as housing and national defence.
Prime Minister Justin Trudeau recently announced the tax change is set to come into effect on June 25. That deadline can still be met if the House votes in favour of the motion Monday.
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