OTTAWA \u2014 Mark Carney’s victory in the Liberal leadership race puts the final nail in the coffin of Ottawa’s controversial plan to hike the inclusion rate on capital gains.<\/p>\n
When they tabled their budget last spring, the federal Liberals presented the plan to change capital gains as a way to get wealthy Canadians and corporations to pay more \u2014 but the plan has faced a series of delays ever since.<\/p>\n
Tax expert Jamie Golombek of CIBC says the capital gains changes are still causing “confusion” during this tax season, even though the higher inclusion rate won’t be in play.<\/p>\n
Carney confirmed in his victory speech that he would kill the planned capital gains hike.<\/p>\n
The new rules would have seen Canadians pay more tax on capital gains earned over $250,000 in a year, while businesses would have paid the higher amount on all capital gains.<\/p>\n
Tech leaders argue the capital gains hike discouraged entrepreneurs from taking risks and building their businesses in Canada.<\/p>\n
Council of Canadian Innovators CEO Benjamin Bergen says the rollback of the capital gains change is a good move, but the damage has been done to Canada’s reputation in the tech sector.<\/p>\n
\u00a92025 The Canadian Press<\/strong><\/p>\n
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