Chrystia Freeland, a frontrunner in the Canadian Liberal Party leadership race, plans to reverse her previous policy of raising the capital gains inclusion rate if elected as prime minister. Freeland cites the risk of US President Donald Trump's nationalist policies, including tariffs against foreign goods, as a key factor in this decision. She aims to focus her campaign on countering Trump's threats to Canadian businesses. Freeland faces competition from Mark Carney, the former governor of the Bank of Canada and Bank of England.
Daryl Ching, managing partner of Vistance Capital Advisory, discusses changes to capital gains tax and how it could impact new businesses starting up.
The election of Donald Trump, who has pledged to extend tax cuts implemented in his first term, has changed the situation. Freeland now believes the tax hike no longer makes sense for Canada because of the risk that Trump’s nationalist policies, including tariffs against foreign goods, will draw investment away from its trading partners, said the person, speaking on condition they not be identified.
Freeland faces tough competition in the leadership race from Mark Carney, the former governor of the Bank of Canada and Bank of England. He opened his campaign last week by saying he has a track record of handling economic crises and that he wants to introduce major economic reforms to boost growth and productivity.
The move raised Canada’s inclusion rate to two-thirds, from one-half, on companies and on individual investors booking a gain of more than C$250,000 in a year. The government projected it would bring in more than C$19 billion over five years, with some of the revenue being earmarked for housing measures and other social programs.
CANADIAN POLITICS CAPITAL GAINS TAX TRADE WAR DONALD TRUMP CHRYSITA FREELAND
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