More details on the new capital gains tax effective June 25, 2024.

For individuals (owning an investment property, a building, unregistered investments, etc..) 50% on the first $250k then 67% on the portion above $250k will be added to their taxable income.

If the investment is owned under a corporation or a trust, 67% of all the capital gains will be added to the taxable income.

This punishes Canadians who invest in a rental property to supplement their retirement, punishes the self employed entrepreneur who buys a condo for long term wealth creation and wants to pass it on their kids, this punishes the mom and pop shop owner on Queen St who had an opportunity to buy the small building their business runs in, this punishes the family that buys the cottage up North.

This punishes a lot more than 0.1% of "wealthy Canadians" the Federal government claims.

There is no incentive for individuals or businesses to invest in Canada. If anything, this is an incentive to look outside for better opportunities.

Why is success punished in Canada? Shouldn't Canadians who want to be financially independent and not rely on Government support be rewarded? These Canadians are freeing up resources to help the Canadians who most need it: Seniors, disabled, single parents, etc.....

This will dry up capital investments in Canada on a small and large scale when the country needs capital investment to improve the abysmal productivity rate which the Bank of Canada recently warned about.

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