(Ottawa) Conservative leader Pierre Poilievre broke his silence Tuesday on the increase in the tax on capital gains, a few hours before the vote on the motion tabled by the Liberals the day before so that it comes into force on June 25. It was adopted without problem with the support of the New Democratic Party (NDP) and the Bloc Québécois.
Posted at 2:36 p.m.
Updated at 4:52 p.m.
“This Trudeau tax, which kills jobs, will drive billions of dollars of machines, technologies, businesses and paychecks out of our country,” denounced Mr. Poilievre in a press release before his team of deputies resumed this refrain during question period.
“Billionaires won’t pay more because Trudeau gave them two months to sell their investments and move their money abroad to pay lower taxes on foreign companies. »
The Minister of Finance, Chrystia Freeland, had defended herself the day before from trying to corner the Conservatives by separating the provisions on capital gains from the bill on the implementation of other measures of the last federal budget, but she had invited at the same time voters to pay attention to the vote on this issue. The ways and means motion is nearly 60 pages long.
“Pay attention to the MPs who will vote against these changes and think about their motivations,” said the woman who is also deputy prime minister. Pay attention to those who defend a tax system that favors the wealthiest, to those who oppose greater tax fairness for everyone, to those who want millionaires who make a big profit on their investments to pay less. tax than a teacher or a nurse, a carpenter or a plumber. »
In her latest budget, Minister Freeland announced that the inclusion rate – the taxable portion of the capital gain – will increase from 50% to 66% if this gain exceeds $250,000 over the course of a year. She estimates that this measure should generate 19.4 billion over five years and plans to use it to finance the construction of 4 million homes.
Four exclusions are provided, namely the sale of a principal residence, gains made in tax-sheltered accounts (RRSP, TFSA, CELIAPP, etc.), pension income or capital gains in plans approved pension plans and the first tranche of $250,000.
The government expects this change to affect some 40,000 people and 307,000 companies. It has drawn criticism from doctors and owners of small and medium-sized businesses (SMEs) who feel they are being unfairly penalized.
Mr. Poilievre believes that it is people who sell or give away long-term assets, such as agricultural land. He promises to form a task force to reform the tax system within the first 60 days of a Conservative government.
” Lower. Simpler. More fair,” he summarized.
He promises to cut taxes for the poor and the middle class “while tackling overseas tax havens and big government giveaways to big business”, cut red tape by 20% and boost production , hiring and “bigger paychecks.”
Its working group would be made up of “entrepreneurs, inventors, farmers and workers (but not lobbyists),” the statement said.
The Bloc Québécois, which has also refrained from commenting until now, will vote for the motion, but intends to make amendments to the ensuing bill.
The increase in the tax rate on capital gains will apply from June 25 once the motion is adopted even if it is a first step. The Ministry of Finance will have to publish its legislative proposals during the summer, after which a bill will be tabled, which will not happen before the fall, since parliamentary work will break no later than June 21.
