A central piece of the last federal budget, increasing the capital gains tax inclusion rate, is also in limbo. The government’s goal is to increase the rate individuals pay on capital gains above $250,000 from one-half to two-thirds, and for all gains for trusts and corporations.
Isn’t that the policy that generated the capital gains hullabaloo? 🤔
Apparently CRA will still apply the proposed change. Even Poilievre hasn’t committed to cancelling it:
Trudeau’s main political rival, Conservative Leader Pierre Poilievre, has said he would review the tax hike if elected, but hasn’t committed to scrapping the measure if it became law. The Conservatives are about 20 points ahead of the Liberals in most polls.
Then again, if they don’t reintroduce it to Parliament, I assume CRA will just stop collecting it. And potentially issue refunds. 😂
