Proposed capital gains tax changes come into effect today

The Liberal government's changes to capital gains taxation came into effect Tuesday, despite significant pushback from business and physicians' groups.

Finance Minister Chrystia Freeland's spring budget proposed making two-thirds of capital gains — the profit made on the sale of assets such as a secondary residence or stocks — taxable, rather than one-half.

For individuals' capital gains of $250,000 or less, the inclusion rate would remain the same, at 50 per cent.

At a time when the Liberals are looking to woo back young voters, Prime Minister Justin Trudeau has pitched the effective tax increase as a way to deliver generational fairness.