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The Express verif: How much would the increase in capital gains taxation have reported?

NPD chief Jagmeet Singh castigated Mark Carney’s decision to cancel the tax rate on capital gains, saying that the measure could have increased revenues by $ 19 billion.

This is true, according to figures from the Ministry of Finance published in June 2024.

But the budget parliamentary director had assessed that the measure would earn $ 2 billion less than expected, $ 17.4 billion over five years.

The liberal government proposed in its 2024 budget to make two thirds taxable, rather than half, capital gains on asset sales for companies and trustees.

For individuals, the same inclusion rate would only apply to the portion of capital gains made during a year which exceeds $ 250,000.

Recall that Mark Carney confirmed the abandonment of the measure when he became Prime Minister.

The NPD believes that this cancellation benefits the richest. According to a study by the tax chair of the University of Sherbrooke, 0.16 % of Canadian taxpayers declared a capital gain exceeding $ 250,000 in 2019.

The latter had an average total income of $ 1.1 million. If the amount of the gain is excluded, their average total income amounts to nearly $ 276,000.

A gain in capital is the profit made on the sale of an asset, such as stock market shares, shares in a private company, precious metals, cryptocurrencies, rental housing, a chalet or a farm.

The gains on the sale of the main residences were excluded from this increase.