The Canadian Taxpayers Federation calls on Finance Minister Chrystia Freeland to confirm that no capital gains tax hike will occur without legislation passing through Parliament. 

“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.

“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?”

The federal government is increasing the inclusion rate on capital gains. The capital gains tax hike is scheduled to take effect on June 25, 2024, according to Budget 2024.

The government chose not to include the capital gains tax hike in budget legislation.

The legislation to impose the tax hike has not yet been introduced in the House of Commons. 

However, “the government says that even if a bill has not yet passed, the change will take effect on June 25,” as reported by the Canadian Press. 

“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.”