Deputy Prime Minister and Minister of Finance Chrystia Freeland participates in a TV interview after tabling the federal budget on Parliament Hill in Ottawa on Tuesday, April 16, 2024.
The Liberal government plans to force the Conservatives to vote this coming week on changes to the country’s capital gains tax regime set to go into effect on June 25.
Freeland is expected to table a ways and means motion in the House of Commons Monday morning to signal the government's intention to increase the capital gains inclusion rate.A ways and means motion is a first step that must be completed before tax change legislation can be tabled. The motion is expected to be voted on later next week.
For corporations, there will be no $250,000 threshold. Two-thirds of all capital gains earned by corporations and trusts will be taxable. "It will give Canadians a chance to see the true colours of those Conservatives. So far, they have dithered, they have dodged and they have not said whether they are in favour of asking those who are doing the very best to pay a little more. Soon, they are not going to have a chance to dodge," Freeland said in question period last Tuesday."We cannot say how we will vote on legislation or a motion that we don't have details of and have not yet seen," said the spokesperson.
The government has contended that the changes would only affect 0.1 per cent of Canadians in a given tax year.
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