Bill Morneau slams Freeland's budget as a threat to investment, economic growth

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Minister of Finance Bill Morneau announces his resignation during a news conference on Parliament Hill in Ottawa, on Monday, Aug. 17, 2020.

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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