Justin Trudeau's government raises taxes on wealthiest Canadians in federal budget
OTTAWA, Ontario (AP) — Canadian Prime Minister Justin Trudeau ’s government announced Tuesday it is imposing higher taxes on the wealthiest Canadians as part of the federal budget.
The budget proposes to increase the capital gains inclusion rate, which refers to the taxable share of profit made on the sale of assets.
The taxable portion of capital gains above $250,000 Canadian (US$181,000) would rise from half to two-thirds, which the federal government says will only affect 0.1% of Canadians and raise nearly $20 billion Canadian (US$14.5 billion) in revenue over five years.
“I know there will be many voices raised in protest. No one likes paying more tax, even — or perhaps particularly — those who can afford it the most,” Finance Minister Chrystia Freeland said.
“But before they complain too bitterly, I would like Canada’s one per cent — Canada’s 0.1% — to consider this: What kind of Canada do you want to live in?”
Related articles
Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
WASHINGTON (AP) — The Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanam2024-05-21- (Xinhua) 08:35, April 01, 2024Photo taken on Oct. 3, 2022 shows the view of skyscrapers of the Centr2024-05-21
New Penn State coordinators Kotelnicki and Allen encouraged as spirited spring drills wrap up
STATE COLLEGE, Pa. (AP) — Upon his arrival in Happy Valley, new Penn State offensive coordinator And2024-05-21Senior Chinese legislator emphasizes importance of handling ethnic affairs according to the law
(Xinhua) 11:23, March 21, 2024URUMQI, March 20 (Xinhua) -- Senior Communist Party of China (CPC) off2024-05-21- Tom Holland enjoyed a post-show cup of tea and proudly waved to fans as he left the Duke of York's T2024-05-21
China Focus: China moves quickly to contain COVID
(Xinhua) 09:22, August 01, 2021Aerial photo taken on July 27, 2021 shows "Falcon" air-inflated testi2024-05-21
atest comment