Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland: CTV
THE CANADIAN PRESS/Sean Kilpatrick
Finance Minister Chrystia Freeland, pictured with Prime Minister Justin Trudeau. Business groups are warning the increase to the inclusion rate for capital gains will stifle innovation and competition in Canada.
Six of the country’s biggest industry organizations have written to Deputy Prime Minister and Finance Minister Chrystia Freeland, warning the plan to hike the capital gains tax will limit opportunities for future generations and make Canada less competitive and innovative. As Rachel Aiello of CTV News reports, the Liberal government has faced much pushback on its plan to increase the inclusion rate for capital gains from 50 to 67 per cent for corporations, trusts and individuals earning more than $250,000 a year, including from doctors worried about retirement savings and start-up entrepreneurs. Legislation to impose the change has not yet been tabled, but is expected to apply to capital gains realized on or after June 25.
