Quebec to follow Ottawa’s lead on capital gains taxation [Video]

Quebec intends to follow Ottawa’s lead and increase its capital gains tax rate.

The Quebec government announced late on Thursday that its tax system will be adjusted to bring it into line with five measures proposed in the latest federal budget.

The Quebec Finance Ministry said it wants to incorporate the increase in the capital gains inclusion rate, which is one of the key proposals in the federal budget tabled earlier this week.

Starting June 25, Ottawa intends to tax two-thirds rather than half of capital gains, which refer to profits made on the sale of assets.

The increase in the so-called inclusion rate would apply to capital gains in excess of $250,000 for individuals, as well as to all capital gains realised by corporations.

Quebec’s desire to follow in the footsteps of the federal government on capital gains was greeted with disappointment by Quebec Manufacturers and Exporters.

“This measure …