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?”
Cruise worker 'murders newborn son on board ship': Shocked co
Exclusive: How a Nigerian king who Harry hailed as one of his 'new in
China's industrial output up 6.7 pct in April
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
Chris Hemsworth set to be honoured with a star on the iconic Hollywood Walk of Fame
Endangered listing for lizard could slow oil, gas drilling in New Mexico, West Texas
Elizabeth Hurley, 58, displays her incredible figure in a white bikini on holiday
Target to lower prices on basic goods in response to inflation
Biden says Brown v. Board of Education ruling was about more than education
Nepal's prime minister wins confidence vote in parliament, his fourth since taking office