Justin Trudeau's government raises taxes on wealthiest Canadians in federal budget
Canadian Prime Minister Justin Trudeau is imposing higher taxes on the wealthiest Canadians as part of the federal government
By AP News
Published - Apr 16, 2024, 06:51 PM ET
Last Updated - Apr 16, 2024, 07:09 PM EDT
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 will only affect 0.1% of Canadians and raise nearly $20 billion Canadian (US$14.5 billion) in revenue over five years.
