In a move to thoroughly scrutinize Finance Minister Chrystia Freeland's proposal to increase capital gains tax revenues by $18 billion, MPs have agreed to conduct a months-long review. Blacklock's Reporter says new data reveals that most tax filers reporting capital gains from sales of farms, commercial buildings, vacation homes, and other equity typically show profits under $50,000.Conservative MP Adam Chambers (Simcoe North, Ont.) criticized the government's misunderstanding of the impact, stating, "They don't understand that it is landlords, self-employed individuals who incorporate, individuals of modest incomes who will be paying." He argued that the proposed tax hike will affect millions of Canadians over time, not just the 0.13% of tax filers reported by the government.Freeland's proposal aims to apply taxes on 66% of capital gains, up from the current 50%. The change is expected to generate $5.9 billion in new federal tax revenue and $12 billion for provinces and territories. While the Ways And Means Motion passed with a 208 to 118 vote, the Conservatives opposed it, with MP Jasraj Singh Hallan (Calgary Forest Lawn) calling for Freeland to defend the "job-killing hike in the capital gains tax."The finance committee will hold at least four meetings to review the proposal, with the first meeting scheduled before June 25. Stakeholders will have the opportunity to share their concerns, and the committee will prioritize this study over others in the fall.
