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 Liberals watched one set of tax reforms struggle to survive an onslaught of confusion and controversy in the summer of 2017. Now they're taking another swing at it — and the big question is whether they’re better prepared for the blowback this time. On balance, the editors wrote, their selected contributors were in favour of raising the inclusion rate for capital gains — the share of an individual's capital gains that are subject to income tax rates.
Now they're taking another swing at it — and one big question is whether they're better prepared for the blowback this time.The federal government unveiled billions in spending in its 2024 budget, and to help pay for it all, it’s proposing changes to how capital gains are taxed. CBC’s Nisha Patel breaks down how it works and who will be affected.
In their 2021 analysis, Smart and Hasan Jafry pointed out that the wealthiest families benefited disproportionately from the preferential tax treatment afforded to capital gains . That's now a key aspect of the government's argument. "There are a lot of reasons why the inclusion rate should go up for capital gains," Smart said in an interview this week.
There does not seem to be a clear consensus on the economic impact of changes to the capital gains tax., the economist Jonathan Rhys Kesselman wrote that "the overall impact of existing and increased capital gains taxes on the economy's efficiency and growth are mixed and not easily quantified." "I understand for some people this might cost more if they sell a cottage or a secondary residence, but young people can't buy their primary residences yet," Prime Minister Justin Trudeau said Tuesday.
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