Conservatives won't say whether they'd reverse capital gains tax change
Despite expressing vehement opposition to the newly unveiled federal budget, Conservative deputy leader Melissa Lantsman would not say whether her party would reverse the Liberals’ plan to increase the capital gains inclusion rate.
The 416-page budget, tabled in the House of Commons on Tuesday, includes plans to increase the capital gains inclusion rate — the share of capital gains that are taxed — from 50 per cent to 67 per cent.
As of June 25, people with more than $250,000 in capital gains in a year will have to pay taxes on a larger portion of that money. The inclusion rate will also increase for the capital gains of corporations and trusts.
According to the federal government, the change would affect very few people, compared to the $19.3 billion it would bring in over the next five years, but many Canadian business owners and entrepreneurs have raised concerns that the move could stunt innovation.
Conservative Leader Pierre Poilievre has called the budget “wasteful” and “inflationary,” while vowing to vote against it.
But when specifically asked by CTV’s Question Period host Vassy Kapelos — during a panel interview with NDP finance critic Don Davies that airs Sunday — whether the Conservatives would reverse the capital gains tax changes, Lantsman wouldn’t say.
“We're going to continue to focus on axing the tax and building the homes and fixing the budget and stopping the crime,” she said. “That's what we're talking about with Canadians.”
Lantsman added that the Conservatives will unveil their plan “in a platform in the next election.”
And when pressed on the party’s position on the specific measure to increase the capital gains inclusion rate, Lantsman again said the Conservatives will state their plans come election time.
“We're going to continue to fight the fight that we have been fighting for everyday Canadians who are paying far too much, paying more for gas, for groceries, for home heating,” she said. “They can't afford to live, and that's why we are going to vote against this budget.”
The Bloc Quebecois and the Greens have also pledged to vote against the budget.
The NDP, meanwhile, say they have yet to decide whether they will support it. But during the panel with Lantsman, Davies said his party has called for additional measures to bring in more money, namely a one-time excess profits tax on oil and gas companies.
When asked how the government could prevent such a tax from being passed on to consumers, Davies said one “could make that argument about all taxes.”
“I mean, by that argument, you'd have no taxes on corporations, because some of it can be flowed through, it's true, but a lot of it is not,” he said, adding his party wants to see oil and gas companies pay their “fair share.”
Davies, though, did not quantify what the NDP views as a “fair share.”
IN DEPTH
'Not the result we wanted': Trudeau responds after surprise Conservative byelection win in Liberal stronghold
Conservative candidate Don Stewart winning the closely-watched Toronto-St. Paul's federal byelection, and delivering a stunning upset to Justin Trudeau's candidate Leslie Church in the long-time Liberal riding, has sent political shockwaves through both parties.
'We will go with the majority': Liberals slammed by opposition over proposal to delay next election
The federal Liberal government learned Friday it might have to retreat on a proposal within its electoral reform legislation to delay the next vote by one week, after all opposition parties came out to say they can't support it.
Budget 2024 prioritizes housing while taxing highest earners, deficit projected at $39.8B
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
'One of the greatest': Former prime minister Brian Mulroney commemorated at state funeral
Prominent Canadians, political leaders, and family members remembered former prime minister and Progressive Conservative titan Brian Mulroney as an ambitious and compassionate nation-builder at his state funeral on Saturday.
Supports for passengers, farmers, artists: 7 bills from MPs and Senators to watch in 2024
When parliamentarians return to Ottawa in a few weeks to kick off the 2024 sitting, there are a few bills from MPs and senators that will be worth keeping an eye on, from a 'gutted' proposal to offer a carbon tax break to farmers, to an initiative aimed at improving Canada's DNA data bank.
Opinion
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
CTVNews.ca Top Stories
LIVE @ 11:15 A.M. MT Extent of Jasper wildfire damage still unknown; Alberta Wildfire hosting update
Officials are waiting to learn Thursday morning the extent of wildfire damage in the Jasper townsite of Jasper National Park, which flames began to eat away at the night before.
Jasper wildfire burns buildings, while poor air quality forces some fire crews out
Prime Minister Justin Trudeau announced on social media that Ottawa has approved Alberta's request for federal assistance after a fast-moving wildfire hit Jasper National Park and its townsite late Wednesday.
Jennifer Aniston criticizes JD Vance for 'childless cat ladies' remarks: 'I pray that your daughter is fortunate enough to bear children'
Jennifer Aniston is criticizing JD Vance for comments he made in his past about women without children.
Canadian women's soccer team staffer given suspended prison sentence over drone incident, prosecutor says
A Canada women's soccer team staffer has been given an eight-month suspended prison sentence after flying a drone to film the closed-door training session of the New Zealand team on Monday, the prosecutor's office said in a statement.
'Sick to my stomach': People grieve Jasper National Park by sharing favourite photos
As an out-of-control wildfire roared through Alberta’s famed Jasper National Park and its townsite late Wednesday, many are fearing the worst as officials warned of 'significant loss' within the area.
Prince William made $42 million from his newly inherited estate last year, reports show
Newly released financial reports show that William, the Prince of Wales, drew a salary of $42.1 million last fiscal year, his first since inheriting the vast and lucrative Duchy of Cornwall.
Sale of envoy's NYC condo 'expected to exceed' $9M: government
The current official residence for Canada's representative in New York City is 'being readied for sale,' according to a spokesperson from Global Affairs Canada.
'I'm so broke': Two Toronto women speak out after losing $76,000 in romance scam
Two women from the Toronto area are speaking out after losing thousands of dollars to a romance scam, including a single mother who lost $62,000.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Local Spotlight
Sask. Second World War veteran, 103, receives France's highest national order
A Saskatchewan-born veteran of the Second World War was recently presented with France's highest national order.
Former First Nations chief voices Disney's first Ojibwe language Star Wars movie
A local First Nations elder and veteran is helping to bring the Ojibwe language to a well-known film for the first time.
Ottawa Humane Society reunites Montreal family with cat missing for 8 years
A cat who fled her Montreal home nearly a decade ago has been reunited with her family after being found in Ottawa.
Waterloo, Ont. woman out thousands after car totalled in hit-and-run
A woman in Waterloo, Ont. is out thousands of dollars for a car crash she wasn’t involved in.
'It looks scary, but they're harmless': Bees removed from Winnipeg street light
A swarm of bees living in a lamppost in Winnipeg’s Sage Creek neighbourhood has found a new home for its hive.
'Powerful symbol of the progress we have made': Land being returned to Manitoba Métis Federation
Around 100 acres of Manitoba Crown Land near the Saskatchewan border is being returned to the Métis community.
Cape Breton moose hunting suspended for 3 years due to 'significant' drop in population
Nova Scotia is suspending the licensed Cape Breton moose hunt for three years due to what the province is calling a “significant drop” in the population.
Social media prank could lead to charges after teens allegedly damage homes
A well-known childhood prank known as 'nicky nicky nine doors,' or 'ding dong ditch,' has escalated into a more serious game that could lead to charges for some Surrey, B.C. teens.
Benefit concert to be held for N.B. teen badly injured in 'freak accident'
It's been more than a month since their good friend was seriously hurt in an accident and two teens from Riverview, N.B., are still having a hard time dealing with it.