Canadians resoundingly reject capital gains tax hike, poll says
Most Canadians have rejected the Liberal plan to hike capital gains taxes to reduce the deficit. They would rather the federal government cut spending.
Leger polling commissioned by the Canadian Taxpayers Federation (CTF) shows 54% of taxpayers hold this viewpoint.
“The poll results are clear: a solid majority of Canadians want the government to cut spending instead of hiking capital gains taxes,” said Franco Terrazzano, CTF Federal Director. “This poll should be a wake-up call for the Trudeau government that Canadians want spending cuts to rein in the deficit, not tax hikes.”
The Trudeau government, earlier this year, increased taxes on capital gains in excess of $250,000 a year from 50% to 67%, as part of Budget 2024 deliberations.
Chrystia Freeland attempts to defend her capital gains tax hike and warns high earners of "the wrath of the vast majority of their less privileged compatriots." https://t.co/vD78U4ZuZQ pic.twitter.com/g7Q9rObIqb
— Rebel News (@RebelNewsOnline) June 10, 2024
A part of the rationale for the tax increase was to reduce the debt burden on future Canadians, according to the Taxpayers Federation.
“Canada could finance these critical investments by taking on more debt, but that would place an unfair burden on younger generations,” said Finance Minister Chrystia Freeland.
“Fiscal responsibility matters,” she claims, amid rising spending and soaring debt. She raised the federal debt ceiling in May from $1.83 trillion to $2.13 trillion. It was as low as $1.17 trillion in 2021.
“Here we care for one another. We are turning to our younger generation and those who care about them to say, ‘Our government is at your service’.”
The Leger poll asked Canadians if they would rather the government increase capital gains taxes or reduce spending to rein in the deficit. Less than a quarter (23%) said they prefer increasing taxes.
Trudeau defends his controversial wealth tax hike on individuals with capital gains over $250,000.
— Rebel News (@RebelNewsOnline) April 17, 2024
"We're gonna make them pay a little more," he says. https://t.co/vD78U4ZuZQ pic.twitter.com/Rc5RBgrkIs
“Canadians are sick and tired of the government’s tax hikes,” Terrazzano said. “Instead of hiking yet another tax, Prime Minister Justin Trudeau should listen to Canadians and look for ways to save money in his own budget.”
Trudeau privately met with equity tax lobbyists June 25 at a closed-door meeting in Vancouver, raising eyebrows. Invitees complained homeowners “reaped substantial gains in wealth.”
Generation Squeeze for years has advocated for more than $3 trillion in taxation targeting home equity. They kept an audio recording but withheld question-and-answer sessions with the Prime Minister.
The Canada Mortgage Housing Corporation (CMHC) reportedly paid $450,000 for a report by the group, which advocated a $5.8 billion-a year equity tax. CMHC denied any interest in the scheme.
“A home equity tax is so unpopular that the only people who support this tax are the people who are paid to study it,” Terrazzano earlier said. Of the 3,093 comments collected, 95% were negative.
Prime Minister Justin Trudeau continues to evade Opposition calls to release the recording of his remarks to a home equity tax lobby.
— Rebel News (@RebelNewsOnline) July 6, 2024
READ MORE: https://t.co/XyJBlAM5xE pic.twitter.com/lzvLSN7dc3
The Prime Minister’s Office (PMO) has not explained why Trudeau met privately with lobbyists who sought a home equity tax. Opposition MPs have demanded the complete audio recording of the meeting.
“If Trudeau goes through with this tax, the dream of home ownership will slip even further away from Canadians,” Conservative MPs said in a statement.
Trudeau in the 2021 election campaign promised never to tax home equity worth some $3 trillion in Canada. “I am happy to declare very strongly and clearly we will not be doing that,” he said at the time.
The Commons in 2020 by a 292 to 27 vote rejected a New Democrat motion to impose a 1% annual equity tax on assets over $20 million. Cabinet opposed the measure.
“We’re not going to eliminate the capital gains exemption for primary residences,” Trudeau told reporters September 8, 2021.
Prime Minister Justin Trudeau suggests that many baby boomers live in oversized homes and that the government should create smaller housing options for them, which would in turn help address the housing crisis. pic.twitter.com/9KkXybxO8m
— True North (@TrueNorthCentre) July 10, 2024
According to Five-Year Trends for Canada, many Canadians under 35 are unlikely to ever be able to own a home, a trajectory that is expected to “deteriorate further in the next five years.”
Cabinet “created the housing crisis by failing to build enough homes and now want to place an unfair tax on Canadians,” according to Opposition MPs.
Trudeau told invitees June 25 that more apartment complexes and senior housing will provide an alternative to “older folks living in houses that are too much for them.”
“Their connection to the neighborhood, community means, no, they don’t want to move to the suburbs or be closer to their grandchildren,” he said. “There’s no housing they can afford to downsize other than their big house.”

Alex Dhaliwal
Calgary Based Journalist
Alex Dhaliwal is a Political Science graduate from the University of Calgary. He has actively written on relevant Canadian issues with several prominent interviews under his belt.
