Federal budget 2024: Capital gains tax changes spark concern from some middle-class Canadians

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Big changes coming to the country’s capital gains tax are aimed at the wealthiest Canadians — part of the federal government’s efforts to generate revenue to help pay for billions in new spending.

But some middle-class Canadians who own small businesses, such as family doctors, or are selling a second property, might have to pay more too.

Eric Sorensen looks at the changes and who’s being affected.

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39 COMMENTS

  1. I don't under why some many comments are opposing the capital gain tax change???? Canadian average income for Sept 2023 is about $63k per person per year, and this is barely enough for a small family of 3 or 4 to make the ends meet. Since most of us are struggling with just about the average salary, where's this upset coming from, to oppose the increase on capital gain tax? Capital gain income is from, for example, flipping real estate property for investment, stock market investment income, or corporate capital gain. What am I missing here?

  2. This only affects a tiny tiny % of people… 0.15% or something were the last I saw. This is actually a good thing. Why are people upset that they're finally taxing the rich? Anyone profiting over 250k get's taxed like the rest of us, as it should.

  3. You know that when a massive propaganda machine like Global News is decrying a gains tax, it's something that is going to be primarily negatively affecting them. For christ's sake folks look it up, this capital gains tax is specifically targeting the ultra rich, which is what we've all been calling for. Canadian news media is blasting it because their investors are the ones who will have to pay, and they are trying to sway public opinion with news bits like this. Don't buy into it, 99% of Canadians will not be affected by this tax.

  4. I don't really see another way to fix the issues in Canada currently, fixing problems require spending, and spending is preferably done with taxes to spur less inflation and deficit spending. However there is not many places we can target tax increases reasonably.

    Investment properties are probably the number one instance of money that is just sitting and not flowing through the economy. People that just buy properties to flip them, rather than investing in stocks and businesses are a plague to the economy. We opened up our immigration policies, betting on foreign investment, but instead these people turned out housing market into a game instead of investing in what matters. This sucks for people looking to pass on a residence to their young, but those impacted will be far and few, and rich enough to have alternatives. The majority effected by this will be the people who caused this problem to begin with. This will not effect people who see their home as an investment, it WILL effect people that just horde investment properties.

  5. Anyone rhats fefending this doesnt seem to realize yhat the inly reason the Libs did it is to oay for their bilions upon billions of handouts.

    Much like the carbon tax, they're stealing from people and relying on your class hatred to shield them from criticism.

  6. Boo hoo doctors crying about getting a 33% discount instead of a 50% discount by using a professional corporation over simply being paid a salary.

    These people are so out of touch

  7. there will be a fire sale of properties, before this new capital gains tax starts, but the average person cannot buy them due to high interest rates, so they will end up being sold to wealthier people who will jack up the rent,, or worse bought up by china, watch out

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