Trudeau’s Ex-Finance Minister Criticizes Capital Gains Tax Hike

-- Prime Minister Justin Trudeau’s former finance minister said he rejected the idea of hiking the capital gains tax while in office due to concerns it would stunt Canada’s economic growth, and called the move “very troubling for many investors.”Bill Morneau was Trudeau’s first finance minister from 2015 to 2020 before resigning due in part to disagreements over fiscal policy.

“We resisted it for a very specific reason: concerned about the growth of the country,” said Morneau, who now holds several roles including on the boards of Canadian Imperial Bank of Commerce and NovaSource Power Services. More broadly, Morneau criticized the amount of new spending in Freeland’s budget, especially when stacked on top of big-spending budgets from provinces this year.

“I just don’t think you can tax your way to prosperity,” Ontario Finance Minister Peter Bethlenfalvy said on Bloomberg TV, noting that Ontario is extending a gasoline and fuel tax cut.

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