QUESTION PERIOD — Finance
Capital Gains Inclusion Rate
June 12, 2024
Senator Gold, the Trudeau government has spent the last nine long years pursuing job-killing and investment-killing policies. These policies have hurt Canadian families and left our country with record hunger, record housing costs and a record number of Canadians without a family doctor — in fact, six million Canadians without a doctor.
Now the Prime Minister claims his new tax on farmers, doctors, retirees and small businesses will fix everything he broke. Does the Minister of Finance even understand how it works? Last night, she was tweeting that she’s on the side of plumbers, Senator Gold. Most plumbers are in business for themselves. Their nest egg is their business, which they plan to sell to fund their retirement, of course. Now, poof, all of a sudden that’s gone thanks to Chrystia Freeland and Justin Trudeau’s attack on plumbers and other small businesses.
Senator Gold, no one believes the Trudeau government brought in this tax in the name of fairness — no one. Even you have to admit that this is nothing more than a way for Justin Trudeau to fund his wild, wacko, out-of-control spending, and this is just not worth the cost.
Thank you for your question, but I respectfully disagree with your conclusion.
The change in the inclusion rate for the capital gains tax — returning it to the position where it was some years ago — is a balanced and focused measure to create greater fairness in terms of the burden all of us bear to fund our collective responsibilities to each other.
This is not an attack on plumbers, the rich or the middle class. It is a modulated and, frankly, modest attempt to ensure that those who are better off than many Canadians pay their fair share.
Senator Gold, taxes disincentivize hard work. That’s what taxes do, Senator Gold. Our gross domestic product per capita has declined for four consecutive quarters. It’s not me saying that, it’s Statistics Canada. Our economy has flattened and the standard of living in Canada is falling, yet this incompetent Trudeau government thinks another tax is the answer because that’s what tax-and-spend Liberals always think.
Senator Gold, can you tell us how many jobs will be created in our communities and across the country by piling more taxes onto local businesses? How many jobs will this create?
This government believes in a responsible, progressive policy of taxation so that Canadians can benefit collectively from the social services that not only the federal government can provide but that the federal government funds through its assistance to provinces, equalization programs and the like. In that regard, the Canadian economy is continuing to do well. Indeed, I’ve quoted on several occasions how well we are, in fact, doing compared to other G7 countries.
