Conservative Leader Pierre Poilievre on Thursday promised to reverse the Liberal government’s controversial changes to capital gains taxes if he takes power in the next federal election.
He made the pledge in a post on X, claiming the proposal was “outright insanity” and would cost Canadian jobs.
Capital gains refer to proceeds from the sale of an asset like stock or a piece of property. In the 2024 federal budget, the Liberals proposed to raise the inclusion rate — the portion subject to tax — on the sale of capital gains to two-thirds from one-half for all corporations and many trusts.
Individuals will continue to pay the 50 per cent inclusion rate on capital gains up to $250,000 in a year, but proceeds realized above that threshold will face the higher 66.7 per cent rate.
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The Liberals billed the changes as a move to promote “tax fairness” and close a loophole …