Changes to Canada's "Capital Gains Tax" were approved in the House of Commons in 2024

The House of Commons voted in favor of the Liberal government's capital gains tax changes on Tuesday, despite opposition from the Conservatives. New Democratic Party and Bloc Québécois also voted in favor of this measure. Prime Minister Justin Trudeau personally voted with his government for the tax changes, which will increase the capital gains tax rate. The change is set to take effect June 25. The government says the change will help spur investment in health care, housing and clean technology and promote "tax fairness" in Canada. He called it a "job-destroying tax on health care, housing, farms, and small businesses."

Paleo and his party accused the government of "raising taxes in the midst of a food crisis," which the Liberals denied, arguing that the move would help middle-class Canadians. Capital gains are proceeds from the sale of assets such as stocks or bonds. is an asset Currently, all capital gains are subject to a 50 percent rate, meaning that half of the gain on the sale is added to taxable income that year. Freeland insists that this is a fair tax because wealthy individuals who earn income from asset sales are taxed. not pay a lower tax rate than middle-class Canadians. According to the government, the change is expected to generate $19 billion over five years, and Freeland said it means Canada can make investments that help the middle class. do, including in health care, housing, child care and dental care. The Conservatives said Tuesday that the Liberals had given billionaires two months to move their assets out of Canada. transfer

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