Ottawa’s plan for a (very limited) increase in the capital gains tax? It’s a start

Prime Minister Justin Trudeau , Finance Minister Chrystia Freeland and cabinet ministers pose for a photo before the tabling of the federal budget, in Ottawa, on April 16.In the run-up to the 2015 election, the federal Liberals touched an electrified third rail of Canadian politics: they promised to raise taxes. It only applied to high-income earners but still, it was a tax increase. And the party didn’t try to hide the plan. It put it in the platform. It talked about it during daylight hours..

OAS only begins to be clawed back once a senior’s income exceeds $91,000. And payments aren’t zeroed out until income hits $148,000 – or $154,000 for those 75 and older. Senior couples earning a quarter-million dollars a year, and living mortgage-free, are getting cheques from younger and lower-income taxpayers.That has to be fixed. The OAS threshold should be lowered – to, say, $60,000 – and the clawback sharpened, with benefits tapping out at $100,000.

That a family home can be sold or passed on tax-free – unlike other investments – is a huge incentive to overinvest in housing. That’s what the tax code is telling Canadians to do.

Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canadian dollar gains as data shows economy ‘humming along’Loonie at 73.88 U.S. cents
Source: globeandmail - 🏆 5. / 92 Read more »

Capital gains tax change draws ire from some Canadian entrepreneurs worried it will worsen brain drainThe federal government tabled the 2024 budget on Tuesday, which relies on revenue from an increase to the capital gains inclusion rate.
Source: CBCAlerts - 🏆 37. / 63 Read more »

Capital gains tax 'last thing the Canadian economy needs,' say business groups'Such measures would deter investment at a time when we are striving to boost competitiveness and innovation within the industry and across the economy.'
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Canadian teams learn draw for final HSBC SVNS regular-season stop in SingaporeFifth-ranked Canada has been drawn with No. 1 New Zealand, No. 7 Ireland and No. 12 Spain in Pool A in women's play at the Singapore Sevens.
Source: PGCitizen - 🏆 65. / 51 Read more »

Canadian teams learn draw for final HSBC SVNS regular-season stop in SingaporeFifth-ranked Canada has been drawn with No. 1 New Zealand, No. 7 Ireland and No. 12 Spain in Pool A in women's play at the Singapore Sevens.
Source: SooToday - 🏆 8. / 85 Read more »

Canadian teams learn draw for final HSBC SVNS regular-season stop in SingaporeFifth-ranked Canada has been drawn with No. 1 New Zealand, No. 7 Ireland and No. 12 Spain in Pool A in women's play at the Singapore Sevens.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »