On Monday, Justin Trudeau and Chrystia Freeland showed they have no regrets on the much-deplored capital-gains tax hike
The increase in the tax rate on capital gains in the recent federal budget has been widely deplored in many quarters. Deservedly so.
One might think that our Prime Minister and Finance Minister ended up regretting that they somehow lost sight of these facts when they came up with these changes. The government frames this as targeting only the wealthy: Most people with annual capital gains of more than $250,000 have likely established holding companies and/or trusts to minimize, if they haven’t moved their liquid assets offshore. These holdcos and trusts will now see their capital gains taxed at the higher rate from the first dollar of capital-gains income.
If this is too much of climbdown for the government, here is another modest suggestion: set the same floor for corporations as it is proposing for individuals. Leave the capital-gains inclusion rate at 50 per cent for corporations for annual capital gains up to $250,000.
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