A total of 54% of Canadians want the federal government to cut spending instead of hiking capital gains taxes to reduce the deficit, according to a poll conducted by Leger on behalf of the Canadian Taxpayers Federation (CTF). CTF Federal Director Franco Terrazzano said the poll results are clear that the majority of Canadians want the federal government to cut spending instead of hiking capital gains taxes. “This poll should be a wake-up call for the [Justin] Trudeau government that Canadians want spending cuts to rein in the deficit, not tax hikes,” said Terrazzano in a Wednesday press release. The House of Commons by a 208 to 118 vote on June 11 passed a motion to raise capital gains tax revenues from 50% to 66% effective June 25. READ MORE: Commons passes capital gains tax, effective June 25Liberal, Bloc Quebecois, NDP, and Green MPs supported the motion. Finance Minister Chrystia Freeland said the tax hike was a blow for tax fairness against multimillionaires — a claim disputed by critics. The tax applies to capital gains profits, including the sale of a small business, commercial building, or vacation home. Finance Minister Chrystia Freeland said Canada “could finance these critical investments by taking on more debt, but that would place an unfair burden on younger generations.”“Fiscal responsibility matters,” said Freeland. However, Canadian government spending and debt continues to increase. While 54% of Canadians preferred reducing spending, Leger said 23% wanted to increase capital gains taxes. It said 23% did not know. Among those who were decided on the issue, Leger pointed out 70% preferred reducing spending to increasing capital gains taxes. “Canadians are sick and tired of the government’s tax hikes,” said Terrazzano. “Instead of hiking yet another tax, Prime Minister Justin Trudeau should listen to Canadians and look for ways to save money in his own budget.”The poll was conducted online via Leger’s LEO panel among 1,521 Canadian adults from June 28 to 30. It had a margin of error of +/- 2.5 percentage points, 19 times out of 20.
