Freeland tables motion for capital gains changes but denies political rationale for delayed introduction
“It’s not unusual for a major tax measure like this one be put forward in stand alone legislation. That’s quite ordinary practice,” she said.Deputy Prime Minister and Minister of Finance Chrystia Freeland responds to a question during a news conference, in Ottawa, Wednesday, May 1, 2024. Finance Minister Chrystia Freeland has officially started the legislative process to increase the capital gains inclusion rate but only weeks after it was first announced in the 2024 budget.
She tabled a notice of a ways and means motion in the House on Monday, signalling the government’s intention to increase the inclusion rate on capital gains over $250,000 from 50 to 66 per cent. But the government’s tax changes would also increase the lifetime exemption for capital gains from $1.01 million to $1.25 million and reduce the inclusion rate to one-third for entrepreneurs provided the gain is less than $3.25 million.