Neck guard sales jump after Sask. hockey player slashed by skate
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More adult players are now investing in the protective equipment.
On Tuesday, a motion to increase the proportion of capital gains that are taxed in Canada easily passed the House of Commons despite heavy pushback from the Conservative party.
According to the Government of Canada website, “The capital gains inclusion rate will be increased from one-half to two-thirds for capital gains of over $250,000 per year for Canadians, and on all capital gains for corporations and most types of trusts” — meaning, a larger proportion of a person or corporation’s capital gains will be taxable.
The new inclusion rate will take effect on June 25, 2024. The tax change is expected to bring the federal government roughly $19 billion in new revenue.
Political Columnist Brian Lilley joined The Evan Bray Show Wednesday to share his thoughts on the tax hike. Lilley believes the real people affected by this hike will be local businesses like family doctors who own their own practice, and farmers. Lilley suggests the Government has not fully considered how much it will affect Canadians to take a 10-30 per cent cut on their retirement funds.
Lilley fears this will cause warfare between Canadians.
“They are doing class warfare and inter-generational warfare,” said Lilley. “They’re trying to say ‘ you rich boomers that have all this money and it’s the young people that need to get it.'”
Lilley pointed out Saskatchewan farmers will be hit hard when comes to retirement and passing along their farms to the next generation.
“The average farm is about 4,000 acres and if you bought it in 1996 that’s $342 an acre. Well, last year it was going for $3,400 an acre. The change in this capital gains tax is going to end up costing you almost a million dollars to transfer the family farm.”
Residents of Canada without a family doctor will also be greatly affected by the strain this will put on the healthcare system. The Canadian Medical Association released a statement saying it is deeply disappointed with the decision to increase the capital gains tax.
“The proposed increase to the capital gains inclusion rate imposes yet another barrier to retaining and recruiting physicians as the first dollar of capital gains realized in a medical professional corporation will be subject to the higher inclusion rate of 66.67 per cent.
“In a time when Canada’s health systems are under ever increasing strain, where patients struggle to access timely care and health care providers burn out from trying to hold together a crumbling system, introducing new reasons for physicians to consider scaling back community-based care is simply the wrong move.”
In the House of Commons on Tuesday, Federal Finance Minister Chrystia Freeland said this should be considered a fairness tax that will only affect a small number of people.
“Do you want to be in a country where those at the very top live lives of luxury but must do so in gated communities behind ever higher fences using private health care and airplanes because the public sphere is so degraded and the wrath of the vast majority of their less privileged compatriots burns so hot?”
Conservative leader Pierre Poilievre said he believes this tax hike will be detrimental to Canadians and kill several jobs and independent businesses.
While Prime Minister Justin Trudeau rebutted Polievre, saying “We’re stepping up for Canadians. They’re stepping up for the rich.”