ANALYSIS: Higher Income Taxes Not Only for Wealthy in Budget 2024

Published on April 19, 2024

While the Liberal government has said the higher taxes in the 2024 budget are meant to have the super rich pay for the hiked up spending, ordinary Canadians are impacted as well as they sell real estate, stocks, and other assets. The hottest topic for economists, accountants, and ordinary citizens since the Liberals presented their financial plan on April 16 has been the plan to tax a greater portion of investment profits through the higher so-called “inclusion rate” on capital gains. The law currently requires individuals to pay tax on 50 percent of capital gains. The change will mean paying 50 percent on the first $250,000, and 66.7 percent on anything above that. Businesses will go from being taxed on 50 percent of their capital gains to being taxed on 66.7 percent....

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