Finance Minister Chrystia Freeland has taken the first legislative step toward implementing her government's proposed changes to the capital gains tax.Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks about changes to the capital gains tax inclusion rate on Monday, June 10, 2024. Finance Minister Chrystia Freeland has taken the first legislative step toward implementing her government's proposed changes to the capital gains tax.
Freeland said Canada needs the revenue from the change to the capital gains tax to invest in things like pharmacare, dental care, child care and the green energy transition.Can Trudeau's budget restore 'generational fairness'? Economists say don't bet on it Conservative Leader Pierre Poilievre's press secretary Sam Lilly issued a statement saying the capital gains changes are "a tax on health care, homebuilding, small businesses, farmers and people's retirements."
The Canadian Medical Association has said doctors will be hit particularly hard by the hike because they often incorporate their medical practices and invest for their retirements through their corporations.WATCH: CMA president 'deeply concerned' about capital gains tax changeCanadian Medical Association president Dr.
"Provinces and territories should be using some of that revenue to increase the actual salaries, the rate of compensation of doctors," Freeland said.Business groups walk back claim about share of Canadians hit by capital gains changesA capital gain is the difference between the cost of an asset — an investment property, a stock or a mutual fund — and its total sale price. Right now, only 50 per cent of capital gains are taxable.
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