OTTAWA, ON: The Canadian Taxpayers Federation is applauding Conservative Party Leader Pierre Poilievre’s promise to reverse the capital gains tax hike. Taxpayers are also demanding the Canada Revenue Agency immediately halt enforcement for the proposed tax increase.

“Poilievre is right to oppose the capital gains tax hike that will punish Canadian doctors, entrepreneurs and people saving for their retirement,” said Franco Terrazzano, CTF Federal Director. “The capital gains tax hike will blow a huge hole in Canada’s economy that we can’t afford.

“It’s great that Poilievre plans to scrap the capital gains tax hike, but he shouldn’t have to because the legislation has never passed and the CRA shouldn’t be enforcing it.”

Today, Poilievre announced he “will reverse last June’s Liberal tax hike on capital gains,” if he becomes prime minister.

A new report from the CD Howe Institute shows the capital gains tax hike will result in more than 400,000 fewer jobs and shrink Canada’s GDP by nearly $90 billion.

This report was completed in response to the Trudeau government’s plan to raise the capital gains inclusion rate for the first time in 25 years.

While a ways and means motion for the tax increase passed last year, the government failed to introduce or pass necessary legislation. Despite this, the CRA is pushing ahead with enforcement of the tax hike.

“The CRA must immediately halt its plans to enforce this unapproved tax hike, which threatens to undemocratically take billions from Canadians and cripple our economy,” said Devin Drover, CTF General Counsel. “It’s Parliament’s responsibility to approve tax increases before they’re implemented, not unelected government bureaucrats in Ottawa.

“The proposed capital gains tax hike must be stopped.”