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Close the capital gains loophole, now!

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Monopoly Man running away with money from tax loopholes

The capital gains exclusion loophole has unfairly advantaged wealthy Canadians for far too long. Since 2000, investors only pay taxes on 50% of their income from the sale of investments, while workers pay taxes on 100% of their earnings. 

No matter how you spin it, it's not fair.

Budget 2024 brings a welcome change to this tax break for the rich, raising the capital gains inclusion rate from 50% to 67% on gains over $250,000, and to 67% on all gains for corporations.

Despite the obvious increase in fairness that this change represents, powerful groups have been pushing against the new policy with skewed polling, high-paid lobbyists, and misinformation.

This change impacts only 0.13% of Canadians - with an average income of $1.4 million - and would generate $19 billion over five years. That’s money that could go towards addressing urgent issues like the housing crisis, healthcare, and other public investments to get our economy get back on its feet.

Narrowing the capital gains exclusion loophole does not impact the sale of primary residences, RRSPs, or RESPs. It addresses an unjust policy that has put working Canadians at a disadvantage for decades.

Send a message to Ottawa: Canadians support the capital gains increase – a buck is a buck!

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X Photographer via Unsplash