The Canadian Taxpayers Federation (CTF) is calling on Finance Minister Chrystia Freeland to guarantee that any increase in the capital gains tax will be subject to a vote in Parliament. This demand follows the federal government's plan to raise the inclusion rate on capital gains, set to take effect on June 25, as outlined in Budget 2024.“Freeland needs to confirm she respects Parliament enough to hold a vote before imposing a new tax like the capital gains tax hike,” said Franco Terrazzano, CTF Federal Director. “It’s a central role of Parliament to vote before the government takes more money from taxpayers, and Freeland can’t treat elected members of Parliament like rubberstamps.”The government has yet to introduce the necessary legislation for this tax hike in the House of Commons. Despite this, the government intends to implement the change on the specified date, as reported by the Canadian Press.“Taxpayers have a simple question: will Freeland confirm Parliament will get to vote on the capital gains tax hike before it’s imposed on Canadians?” Terrazzano asked, emphasizing the importance of parliamentary procedure in fiscal matters.The omission of the capital gains tax hike from budget legislation has raised concerns about the process being bypassed. Terrazzano insists that any move to increase taxes must be transparent and subject to parliamentary approval.“If politicians want to take more money from Canadians, then they should at least have the spine to vote on this tax hike,” Terrazzano said. “The government doesn’t need more money from Canadians and it shouldn’t be increasing taxation without representation.”The CTF's call to action highlights the necessity of legislative oversight and accountability in the implementation of new taxes, urging Freeland to uphold parliamentary standards and ensure that elected representatives have a say in the matter.
