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House Hansard - 334

44th Parl. 1st Sess.
June 18, 2024 10:00AM
Context: House Hansard - 334 - Jun/18/24
Mr. Don Davies (Vancouver Kingsway, NDP)
  • Jun/18/24 5:11:50 p.m.
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Madam Speaker, I had the benefit of being in the same finance committee meeting as my hon. colleague this morning where I heard the same evidence about the capital gains inclusion rates. Of course, most of what my hon. colleague has just said in here was simply contradicted by the evidence, including that there is zero evidence that the capital gains inclusion would have any negative effect on job creation in this country. The member seems to be opposed to raising the capital gains inclusion rate. I am wondering if he can explain why the Mulroney Conservative government raised the capital gains inclusion rate in 1988 from 50% to 66.67%, and then again, in 1990, to 75%. Were the Conservatives wrong about the capital gains inclusion rate then, or are they wrong now?
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Context: House Hansard - 334 - Jun/18/24
Mr. Don Davies (Vancouver Kingsway, NDP)
  • Jun/18/24 5:58:19 p.m.
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Madam Speaker, I am really privileged to serve on the finance committee with my hon. colleague, and I want to thank him for all of his excellent contributions at committee. My question to him is on the capital gains exclusion issue, which is not covered by this bill, but, as he points out, will be in legislation coming to this House soon. He heard evidence today suggesting that when the Conservatives raised the capital gains inclusion rate in Canada in 1988 and 1990 from 50% to 66.6% to 75%, there was no material effect on investments by businesses. It did not have any negative effect on their investments in machines or equipment. Nor has there been an increase in investments as capital gains have come down since the year 2000. In other words, he heard evidence that there is no real relationship between the capital gains inclusion rate and investments by businesses. Can the member tell the House what his thoughts were after hearing that evidence?
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