Finance Minister Chrystia Freeland's predecessor Bill Morneau says there was talk of increasing the capital gains tax while he was on the job — but he resisted such a change because he feared it would discourage investment by companies and job creators.Former finance minister Bill Morneau said his successor's budget, which includes a capital gains tax hike, will hurt investment in Canada.
"I don't think there's any way to sugarcoat it. It's a challenge. It's probably very troubling for many investors." The capital gains tax change was pitched by Freeland as a way to make the tax system fairer — especially for millennials and Generation Z Canadians who face falling behind the economic status of their parents and grandparents.
Tuesday's budget document says some wealthy people who make money off asset sales and dividends — instead of income from a job — can face a lower tax burden than working and middle-class people.According to government data, only 0.13 per cent of Canadians — people with an average income of about $1.4 million a year — are expected to pay more on their capital gains as a result of this change.But there's also a chance less wealthy people will pay more as a result of the change.
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