(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 for it to come into force as of June 25. The Conservatives will oppose it, but it should be adopted without problem since the New Democratic Party (NDP) intends to support it.
“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 repeating this refrain during question period.
“Billionaires won’t pay more because Trudeau gave them two months to sell their investments and move their money overseas to pay lower taxes on foreign companies. »
“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 in 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 $250,000.
Poilievre believes it’s people selling or giving away long-term assets, like farmland. He promises to form a task force to reform the tax system within the first 60 days of a Conservative government.
” Lower. Simpler. Fairer,” he summed up.
He promises to cut taxes for the poor and middle class “while tackling overseas tax havens and big government giveaways to big business,” cut red tape by 20 percent 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 capital gains tax rate 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.
