Trump FORCES Freeland to SCRAP capital gains tax hike

Canada needs to change its own policies to respond in the event Trump relaxes capital gains laws in the United States, Freeland told reporters.

MP Chrystia Freeland continues to backtrack on policies she championed not long ago. As finance minister she angered Canadians, and now she hopes to win them over.

The four-term MP will scrap the capital gains tax hike she proposed last June 11 if chosen to replace Justin Trudeau, reported CBC News.

That marks the second Liberal policy she has walked back on in recent weeks, having also pledged to get rid of the consumer carbon tax.

Freeland, in a ways and means motion last year, would have increased taxation from 50% to 67% on capital gains over $250,000, though no tax bill ever followed.

She once lauded the measure for promoting “tax fairness,” but is now backtracking citing a second Donald Trump presidency. 

Reflecting on her NAFTA renegotiation experience, Freeland argues that the Trump administration seeks to create global uncertainty to drive investment into the U.S. She stressed that Canada must adapt its policies if Trump relaxes U.S. capital gains laws.

Conservative Leader Pierre Poilievre also intends to scrap the tax and reimburse those impacted on March 3, should he become prime minister.

Freeland and her cabinet colleagues previously characterized Conservatives as ‘having wealthy friends’ to explain their opposition to the tax hike. 

Freeland and her husband Graham Bowley, a New York Times staffer, are millionaires. The couple has held title to seven-figure properties in Toronto, New York and London, England with additional investments in Alberta and Ukraine, according to ethics filings.

Opposition parties criticized the enigmatic figure, citing her privileged background and flip-flopping on the policy.

“Her slogan should be: ‘I’m Chrystia and I was wrong about everything,’” Poilievre wrote in a social media post.

If legislated, the tax hike would reportedly add $19 billion to government coffers. A considerable brain drain to jurisdictions with lower taxation to likely follow.

“The capital gains tax hike will punish Canadian doctors, entrepreneurs and people saving for their retirement,” said the Taxpayers Federation. It will “blow a huge hole in Canada’s economy” taxpayers can ill-afford.

A new CD Howe Institute report shows 400,000 jobs will be lost and shrink Canada’s GDP by nearly $90 billion.

The Canada Revenue Agency (CRA) will start collecting interest on unpaid taxes starting March 3, angering taxpayers immensely and prompting the Canadian Taxpayers Federation to launch a legal challenge against the unlegislated tax grab.

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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.

COMMENTS

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  • Bernhard Jatzeck
    commented 2025-01-25 00:50:34 -0500
    I downloaded some 2024 income tax return documents. Because of parliamentary proroguing, the rules regarding reporting capital gains will be the same as they were for the 2023 return.
  • Bruce Atchison
    commented 2025-01-24 21:44:15 -0500
    People are seeing that Liberals are liars. Twitchy Freeland flip-flops because she’s only interested in power. No wonder people hate politicians.