In a Sunday speech at a Toronto YMCA, Freeland described the $19.4-billion revenue boost, over five years, as one that the rich can afford and that must be done to help everyone else
Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks during a press conference at a transit bus maintenance facility in Brampton, Ont., on June 7.The federal government isn’t changing the broad strokes of its capital-gains tax hike, Finance Minister Chrystia Freeland says, despite a pressure campaign from the country’s top business groups and lead medical association that say the reform will hurt the economy and drive doctors away.described the $19.
“Do you want to live in a country where those at the very top live lives of luxury, but must do so in gated communities behind ever higher fences, using private health care and airplanes because the public sphere is so degraded and the wrath of the vast majority of their less privileged compatriots burns so hot?” the Finance Minister and Deputy Prime Minister said.
Individuals such as doctors who operate their practices through professional corporations, and use tax strategies that turn normal income into capital gains, won’t benefit from the exemption for the first $250,000. The Canadian Federation of Independent Business had asked the government to extend corporations the same $250,000 carveout that it granted individuals. Based on Ms. Freeland’s comment, chief executive Dan Kelly said he believes the government made no major changes.
But by only looking at one year, the budget undercounts the number of people who may receive more than $250,000 in capital gains on a one-time basis. This could happen, for example, if someone sells a cottage or investment property, which is not exempt from capital-gains taxation the same way primary residences are.
The Canadian Chamber of Commerce said the country’s tax system has “become a complicated, politicized web of carve outs and caveats” and urged an independent review of the entire regime.
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