Majority of Canadians support capital gains tax increase

A new study by Léger has assessed Canadians’ perceptions of measures announced in the 2024 Federal Budget. When asked specifically about the government’s change to the capital gains tax, which increases the taxable income component from 50% to 67%, a majority of Canadians support the change, which will reportedly generate an additional $19.4-billion in revenue for the government over the next four years.

The study found that 56% of Canadians believe increasing the capital gains tax for very wealthy Canadians, corporations or trusts is a good thing.

Prime Minister Justin Trudeau defended the change to the capital gains tax by saying that 99.87% of Canadians “will not pay a cent more” in taxes. He also clarified that the tax does not apply to anyone’s primary residence.

A separate study by the Angus Reid Institute found that a majority of Canadians approve of the major policies in the 2024 federal budget.

“The Liberals have not seen a boost in their electoral fortunes from the budget, but that does not mean the major policies within the budget are unpopular. In fact, every budget item presented to respondents received majority approval.”

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