This article originally appeared in the Financial Post. Below is an excerpt from the article.
By Jack Mintz, April 26, 2024
With the budget’s capital gains tax hike, the federal Liberals launched another missile on Canada’s rich. It’s not in the same league as Iran’s could-have-been-devastating attack on Israel, but tax hike upon tax hike over the past decade have taken their toll as flustered taxpayers look for options to defend themselves against relentless tax-and-spend governments.
To be fair, it’s not just the federal Liberals who have been going after upper-income taxpayers. The provinces have been raising personal income tax rates since 2013, especially in British Columbia, Ontario and the Atlantic. Even Alberta hiked its provincial top tax rate from 10 to 15 per cent in 2015 and the Smith government so far shows little inclination to reverse this growth-killer.
Not only have top tax marginal rates increased but so have other punitive taxes focused on those who are better off. The salvoes have included higher taxes on many private corporations, progressive property and land transfer taxes, luxury taxes, income-tested benefits and, the latest, the capital gains tax hike.
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