Panic over Canada’s capital gains tax doesn’t add up

Panic over Canada’s capital gains tax doesn’t add up

Will you make more than $250,000 this year selling your cottage or investment property? No? Great! The federal budget’s new capital gains tax won’t affect you.

Economists argue it makes for a more equitable and efficient tax system.

While libertarian lobbyists try to intimidate the public, what ought to scare us is how little Big Oil pays in taxes, especially considering their record profits and the public cost of fossil fuels. The affordability and climate crises are interrelated. We need to ask ourselves why they’re never asked to pay their fair share.

A study by Léger has found that a majority of Canadians support the changes to the capital gains tax, which will reportedly generate an additional $19.4-billion in revenue for the government over the next four years. 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.

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