Poilievre condemns Freeland’s ‘fairness’ ploy amid upcoming tax hikes

Opposition leader Pierre Poilievre claims the rich ‘won't pay a penny more’ for capital gains as they’ll just move money to tax havens ‘like the ones that Prime Minister Trudeau's friends use.’

Poilievre condemns Freeland’s ‘fairness’ ploy amid upcoming tax hikes
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Noticeably absent from Ottawa’s budgetary bill are proposed changes to the capital gains tax — its most controversial measure.

Finance Minister Chrystia Freeland tabled the Budget Implementation Act on Tuesday, which formalized plans to increase spending as unveiled on April 16.

A national school food program, amended programs for first-time homebuyers and tax changes for landlords of short-term rentals were among the measures specifically referenced in the bill.

Freeland told reporters a stand-alone bill for the capital gains tax is expected soon, pending Parliamentary approval. “We are very committed to the capital gains measures that we put forward in the budget,” she said.

As of writing, the federal government taxes profits on stocks and real estate a whopping 50%. For those whose capital gains are in excess of $250,000 a year, that will increase to two-thirds.

On Wednesday, Opposition leader Pierre Poilievre opposed Liberal attempts to target families with higher taxes. “What is clear is that it won't affect the rich because the rich are just selling their assets now before the change takes effect,” he told CP24 in an interview.

The changes have sparked considerable pushback from businesses, entrepreneurs and doctors who expect to pay more in taxes as a result of the changes.

While their principal residences would remain exempt, investment properties, cottages, and secondary homes are fair game.

On Tuesday, Minister Freeland defended the proposed changes in promotion of “tax fairness.” Should the upcoming bill pass, it is expected to generate $19 billion in additional tax revenue over five years.

It is “absolutely fair to ask those who are at the very top to contribute a little bit more,” she claimed, noting young Canadians are fearful of their home ownership prospects.

The intent is to build more homes and restore economic hope for Generation Z and millennials, a call to action that Poilievre does not buy into.

“The Prime Minister … plans to quadruple [the carbon tax] to 61 cents a litre, [implement a] higher income tax, the inflation tax, which is the rising prices resulting from his inflationary spending,” said Poilievre. “Those taxes all hurt the poor, the working class and what's left of the middle class.”

He rejected their justification for the capital gains tax hike, claiming the rich “won't pay a penny more” as they’ll just move money to tax havens “like the ones that Prime Minister Trudeau's friends use.”

When asked if she was separating the capital gains bill to force the Conservatives to vote directly on the item, Freeland said, “No.”

“Well, they're not even in place yet,” said Poilievre. “And it's not clear they're going to be in place because it looks like the Liberals are flip-flopping on it.

“They excluded their capital gains proposal from their budget. They are telling people behind the scenes that they're gonna change their mind on how it works,” he added.

Minister Freeland foretold their plan to implement the changes to capital gains is scheduled for June 25.

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