For nine years, Justin Trudeau has continually made life tougher for hard working Canadians.
Starting June 25:
- Capital gains inclusion rate increases from 50% to 66.67% for individuals earning more than $250,000 in capital gains in a year;
- All capital gains generated through a corporation will be subject to the 66.67% inclusion rate, and
- Lifetime capital gains exemption for eligible property will increase from $1,016,836 to $1,250,000.
This is simply a job-killing tax on health care, homebuilding, small businesses, and farmers in order to pay for their uncontrolled inflationary spending.
Conservatives were the only party that voted against this Liberal capital gains tax hike. Why? Because the hike would only make our productivity, home building and doctor shortages worse. I ask, what other last-minute surprise tax hikes will this Liberal government bring forward? Who will pay for this tax? Firstly, people who have one-time sales or disposal of long-term assets, like a grandmother trying to give some of her farmland to her children for homes. Secondly, 300,000 businesses, and indirectly, their workers will pay this tax hike.
Conservatives will make hard work pay again and incentivize production in Canada with a ‘Bring it Home’ tax cut that will:
- Bring home production and paycheques, by making Canada the best place to invest, hire and make things.
- Bring home fairness by reducing the share of taxes paid by the poor and middle class while cutting tax-funded corporate welfare and cracking down on overseas tax havens.
- Cutting the paperwork and bureaucracy in the tax system by at least 20%.
To fix what Justin Trudeau broke, Canada needs to overhaul the system to make taxes low, simple, and fair. Raising taxes to generate revenue is not the answer. This Liberal government needs to STOP its uncontrollable spending. Conservatives will not punish Canadians for their hard work but rather reward them for their success.
