In the fall of 2021, the editors of the Canadian Tax Journal devoted several dozen pages to the “hotly debated” topic of capital gains.
On balance, the editors wrote, their selected contributors were in favour of raising the inclusion rate for capital gains — the share of an individual’s capital gains that are subject to income tax rates. But they acknowledged that putting such a change into practice would not be easy.
“Opposition to capital gains tax increases among affected taxpayers is apt to be vociferous,” Michael Smart and Sobia Hasan Jafry wrote in one of the featured papers, “precisely because such a reform would act like a lump sum tax that would be difficult or impossible for taxpayers to avoid in the long run by changing their behaviour.”
Incredible. Minister admits capital gains increases could cause family doctors to leave Canada. Not to worry, though, she says, we’ll just bring in more foreign trained docs.
— Alan Fryer 🇨🇦🇺🇦🇮🇱 (@alanfryermedia) April 24, 2024
