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MPs to vote on Liberal changes to capital gains tax in confidence measure
BY Connect Newsroom - Debby Rai, with files from The Canadian Press, Oct 2, 2024 12:37 PM - REPORT AN ERROR
The capital gains inclusion rate was adjusted in June and the motion before the House today will allow the government to introduce the legislation to formalize the changes. (Photo: The Canadian Press)
The House of Commons will hold its third confidence vote in a week today, this time on a motion introduced by the federal government itself. The Liberals are seeking parliamentary approval to move ahead with changes to the capital gains tax first announced in the spring budget.
The capital gains inclusion rate, which determines how much profit is taxable, was adjusted in June. Today’s motion will allow the government to introduce legislation that formally enacts the change. Under the new rules, Canadians earning more than $250,000 in capital income in a year - such as from selling secondary properties or stock options - will face higher taxes on those gains.
The measure has drawn criticism from business groups and physicians, who argue it discourages investment and entrepreneurship. The government maintains the reform is designed to ensure wealthier Canadians pay a fairer share and do not benefit from lower tax rates than middle-income earners.
According to the Parliamentary Budget Officer, the increase to the inclusion rate is expected to generate $17.4 billion in revenue over five years.
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