Canada to Get Billions From Tax Change That Didn’t Happen
- Taxpayers rushed asset sales to avoid capital gains hike
- Tax change was projected to add C$10.3 billion over two years
Tourists take photos in front of Parliament Hill's Centre Block in Ottawa, Ontario.
Photographer: David Kawai/BloombergThis article is for subscribers only.
A tax increase that’s unlikely to ever become law has nonetheless earned the Canadian government billions of dollars in additional tax revenue after some people and businesses rushed asset sales to get ahead of it.
Prime Minister Justin Trudeau signaled in April that the government would raise the capital gains inclusion rate, which is the percentage of a gain that’s taxed, on June 25, 2024.