Trudeau to call vote on contentious tax change this week
BNN Bloomberg
Prime Minister Justin Trudeau’s government will call for a vote this week on a planned hike in the capital-gains tax inclusion rate, a measure that would raise billions in additional government revenue and has attracted the ire of Canada’s business community.
But groups including venture capitalists, startup founders and junior mining companies will have to wait longer to learn if their specific concerns about the policy have been addressed, according to government officials who spoke with Bloomberg. The legislation to implement the tax change isn’t ready yet.
The main components of the capital gains changes will be unveiled in a motion published in Parliament on Monday, Finance Minister Chrystia Freeland said in a speech in Toronto on Sunday. She said the motion will stick to the “broad outlines” that were announced in April, including an implementation date of June 25.
“Tomorrow we will introduce changes that will result in a small number of Canadians paying a little more in tax,” Freeland said. The plans to increase the capital-gains tax on companies and on individuals in years when they record gains of more than $250,000.
