Business groups walk back claim on share of Canadians hit by capital gains changes

OTTAWA — Prominent business groups are backtracking their claim that one in five Canadians would be affected by the federal government's proposed changes to capital gains taxation.

The group claimed one in five Canadians would end up paying higher taxes over the next decade — but the study from which that figure was taken suggests otherwise. But the federal budget only increases the inclusion rate on capital gains above $250,000, which means a much smaller fraction of Canadians would end up paying higher taxes.

The joint letter from the Canadian Chamber of Commerce and other industry associations calls on the Liberal government to scrap the tax increase.

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