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Decentralized Democracy

House Hansard - 330

44th Parl. 1st Sess.
June 12, 2024 02:00PM
Context: House Hansard - 330 - Jun/12/24
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • Jun/12/24 2:38:07 p.m.
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Mr. Speaker, a moment ago, the Leader of the Opposition already demonstrated his financial illiteracy. He does not understand how the capital gains inclusion rate works. However, I want to offer him an opportunity to continue his economic education. Yesterday, the IMF published a report on the Canadian economy. The IMF commented on our capital gains move and said it makes the system more fair, and it also said it would have no impact on investment or productivity. That is the IMF.
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Context: House Hansard - 330 - Jun/12/24
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • Jun/12/24 2:41:00 p.m.
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Mr. Speaker, let us review what we have learned so far in question period today. First, the Leader of the Official Opposition does not even understand how the capital gains inclusion rate works. That is a problem. Second, the Leader of the Official Opposition disavows his own words in the House about capital gains. However, probably the most important thing is that the average income in Carleton is $58,400. Carleton's MP is not on the side of working people earning that wage in his own riding. That is shameful.
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Context: House Hansard - 330 - Jun/12/24
Hon. Pierre Poilievre (Leader of the Opposition, CPC)
  • Jun/12/24 2:41:42 p.m.
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Mr. Speaker, I am just quoting right now from the minister's own budget speech, where she said that for 99.87% of Canadians there will be no extra capital gains tax. She put it in her speech, so why will she not put it in the law?
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Context: House Hansard - 330 - Jun/12/24
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • Jun/12/24 2:58:06 p.m.
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Mr. Speaker, I want to share another quote: “the wealthiest 1% who own the most expensive and luxurious real estate and have in their portfolios the most stocks and bonds...will continue to see their net worth expand, having done nothing, by the way, to deserve that expanded net worth.” That is a quote from the member for Carleton, but that was when he was being a fake populist. When they sell those assets, they accrue a capital gain. We think more of it should be taxed.
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Context: House Hansard - 330 - Jun/12/24
Hon. Steven MacKinnon (Leader of the Government in the House of Commons, Lib.)
  • Jun/12/24 3:02:32 p.m.
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Mr. Speaker, what will be in the law is that anyone who makes a capital gain over $250,000 in a given year, the first $250,000 being exempt, 50% inclusion rate, will pay 66%. That is less than what Brian Mulroney asked them to pay. It gets us closer to the fairness that is being asked for by the electricians, the farmers, the teachers, the nurses, the fishers, the people in Canada who expect us to stand up for tax fairness, and against that.
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