Canada’s decision to increase the capital gains inclusion rate is unlikely to generate as much cash as Justin Trudeau’s government expects, a research group says.
Dan Kelly, president and CEO of CFIB, joins BNN Bloomberg to discuss the impact of capital gains tax on small businesses
That’s less than 40% of the $8.8 billion forecast by the government when Finance Minister Chrystia Freeland proposed the tax changes in April. In June, the federal government increased the inclusion rate to two-thirds from one-half for gains over $250,000 earned by individuals. The broader increase, which also impacts corporations and has some exceptions, has drawn the ire of business groups and some economists.
As for personal income tax revenue, the authors point out the budget lacks detail on the assumptions underlying the government’s estimates, so they can’t fully explain the difference. However, several factors may account for the discrepancy.
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