A new report from the C.D. Howe Institute says the proposed increase in the capital gains tax rate would impact people and companies more broadly than the government estimates and argues it should be scrapped amid political uncertainty.
The report, released Thursday, was authored by Jack Mintz, a senior fellow at the C.D. Howe Institute and the president’s fellow at the school of public policy at the University of Calgary. Mintz’s report comes after the federal government stated Tuesday the Canada Revenue Agency (CRA) would continue to act on changes to Canada’s capital gains tax system proposed in the federal budget last year, despite the fact that the changes have not been passed in Parliament, which has been prorogued until March 24.
“Far more Canadians would be affected by the tax change than the government seemed to anticipate….I estimate that 22,088 unique Canadians per year, or 1.26 million Canadians on a lifetime basis (4.3 per cent of taxpayers) would be affected by the increase in the capital gains tax on individuals, half of whom earn less than $117,000 per year,” the report reads
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