By Canadian Press

PBO estimates capital gain tax change to bring in $17.4B in revenue over five years

Aug 1, 2024 | 7:57 AM

OTTAWA — The parliamentary budget officer estimates the Liberals’ increase to the capital gains inclusion rate will bring in $17.4 billion in revenue over five years.

That’s two billion dollars less than the federal government projected in its spring budget.

The Liberal government proposed making two-thirds rather than one-half of capital gains — the profit made on the sale of assets — taxable.

The proposal was met with pushback from business groups as well as physicians who expect to be affected by the change.

Prime Minister Justin Trudeau has defended what is effectively a tax increase, arguing that it is about delivering generational fairness to young people who need the government to spend more on things like housing.

Meaningful Mementos

Remembering Someone You've Lost at Christmas

Dec 03, 2024

Seasonal Sorrow

How Do You Get Through The Holidays When You're Grieving?

Nov 01, 2024

Upcoming Events at Oliver's

Grief & Loss and Estate Planning Seminars

Oct 02, 2024

The increase to the inclusion rate came into effect on June 25, although legislation has yet to pass Parliament.

This report by The Canadian Press was first published Aug. 1, 2024.

The Canadian Press