Canada’s capital gains tax increase comes into effect on June 25.
The federal government has tabled legislation to increase the inclusion rate from one-half to two-thirds on capital gains above $250,000 per year for individuals, and on all capital gains realized by corporations and trusts.
The tax hike is projected to pull in roughly $19 billion in new revenue. Finance Minister Chrystia Freeland said Canada needs the revenue to invest in pharmacare, dental care, childcare and the green energy transition.
Conservative Leader Pierre Poilievre said his party will oppose the increase, arguing it disproportionately affects wealthy people and big corporations.
He claimed the tax increase will worsen the country’s family doctor shortage because it will levy higher taxes on a physician’s retirement savings — possibly driving these doctors to retire now or move their practices abroad.
In an interview with CBC’s Power & Politics, Prime Minister Justin Trudeau explains why he supports the hike.
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