Canadian Prime Minister Justin Trudeau The government of Canada announced Tuesday it would impose higher taxes on the richest Canadians as a part of the federal budget.
The budget proposes a rise within the capital gains inclusion rate, which refers back to the taxable portion of the profit made on the sale of assets.
The taxable share of capital gains over 250,000 Canadian dollars ($181,000) would rise from half to two-thirds, affecting just 0.1% of Canadians and generating nearly $20 in income over five years, in response to the federal government billion Canadian dollars (US$14.5 billion).
“I know there will be many voices of protest. Nobody likes paying more taxes, not even – or perhaps especially – those who can afford it most.” said Finance Minister Chrystia Freeland.
“But before they complain too bitterly, I want Canada’s one percent – Canada’s 0.1% – to consider this: What kind of Canada do you want to live in?”
Freeland presented the federal budget, which incorporates $53 billion Canadian dollars ($38 billion) in latest spending that she said is concentrated on economic justice for younger generations.
Freeland denied that her latest budget was primarily a political exercise – but acknowledged that it was “just harder for anyone under 40 to establish themselves” in Canada than for generations before.
Freeland presented a budget that she said limited the federal deficit to C$40 billion ($29 billion).
Trudeau’s Liberal government is lagging badly within the polls amid concerns about the associated fee of living in Canada.
“This budget will do very little to improve the Liberals’ prospects. They will suffer defeat and they know it,” said Nelson Wiseman, a political science professor on the University of Toronto. “Their only hope is that Justin Trudeau resigns and a new Liberal leader is elected. And even then, it would be difficult for them to prevail.”
 in revenue over five years.){kind=link}