The House of Commons will vote on Liberal changes to capital gains tax as a confidence measure

For the third time in seven days, the House of Commons will vote on the confidence measure today – but this will be done by the government itself.

The Liberal Party has called for a vote on proposed capital gains tax changes they announced in the spring budget.

The capital gains inclusion rate was adjusted in June, and a motion tabled in Parliament today will allow the government to introduce legislation to formalize the change.

Most Canadians who gain more than $250,000 in a year from capital gains, such as secondary property sales or stock options, will now pay more tax on income above that threshold.

Business groups and doctors widely condemned the move. The government says this is intended to ensure millionaires don't pay a lower tax rate than those on middle-class incomes.

Parliamentary budget officials said increasing the capital gains inclusion rate would generate revenues of $17.4 billion over five years.

Source link

Leave a Comment