Canada ’s Budget basically cements structural deficits forever as the interest charges on Federal government debt soar to over $65 billion per year. Trudeau Jr. is clearly following in the footsteps of his father and aided by a highly complicit finance minister.
· For individuals, the inclusion rate on capital gains above $250k will be hiked from 50% to a whopping two-thirds before then multiplying by one’s tax bracket. Capital gains below $250,000 will continue to be taxed at the 50% inclusion rate times the marginal rate.· Small businesses are once again treated preferentially with a lifetime capital gains exemption that has been raised to C$1.25 million from C$1.016 million, but unevenly applied which is sparking pushback. Above C$1.
And yet at one time or another folks who used their savings to buy assets that hopefully generated capital gains were first taxed on their employment income and very possibly at the highest marginal rates of taxation. Shareholder distributions out of any profits that remain through dividends and/or capital gains will be taxed again in the hands of the individual investor, the latter now taxed at more punitive levels.Government has taken a slice at every stage of the wealth creation chain and that is where the total lack of fairness comes in.
Capital gains are an extension of this. The vast majority of capital gains are indeed held by relatively wealthy households that do the investing. Those who save more generate more capital gains. This saving and investing from a relatively few is important to funding investment.
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