Justin Trudeau's government raises taxes on wealthiest Canadians in federal budget
OTTAWA, Ontario (AP) — Canadian Prime Minister Justin Trudeau ’s government announced Tuesday it is imposing higher taxes on the wealthiest Canadians as part of the federal budget.
The budget proposes to increase the capital gains inclusion rate, which refers to the taxable share of profit made on the sale of assets.
The taxable portion of capital gains above $250,000 Canadian (US$181,000) would rise from half to two-thirds, which the federal government says will only affect 0.1% of Canadians and raise nearly $20 billion Canadian (US$14.5 billion) in revenue over five years.
“I know there will be many voices raised in protest. No one likes paying more tax, even — or perhaps particularly — those who can afford it the most,” Finance Minister Chrystia Freeland said.
“But before they complain too bitterly, I would like Canada’s one per cent — Canada’s 0.1% — to consider this: What kind of Canada do you want to live in?”
Related articles
Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
NEW YORK (AP) — Saudi Arabia’s move into tennis will now include a multiyear deal to sponsor the WTA2024-05-21How DO you deal with a problem like Gary Lineker?
Of all the in-trays in all the world, the one you wouldn't necessarily like sitting on your desk rig2024-05-21Jurgen Klopp insists Liverpool's 2
Liverpool lost their lead in the Premier League title race on Sunday, but manager Jurgen Klopp insis2024-05-21Bayern Munich kick a ball around a £3,500
Bayern Munich geared up for their Champions League showdown against Arsenal in the rather opulent su2024-05-21- DENVER (AP) — The Denver Nuggets couldn’t quiet an epic second-half comeback by Minnesota or the noi2024-05-21
Dua Lipa flaunts her incredible figure in a thong bodysuit as she shares behind
Dua Lipa flaunted her incredible figure in a thong bodysuit as she shared behind-the-scenes snaps fr2024-05-21
atest comment