Poilievre tight-lipped on what Conservatives might do with capital gains tax changes
Conservative Leader Pierre Poilievre is telling business leaders to fight their own battles when it comes to the Liberals' proposed changes to capital gains taxation.
But even as he characterizes their plan as an "attack," his office is keeping tight-lipped about whether or not his party will vote in favour of it.
Finance Minister Chrystia Freeland introduced legislation last week to implement the most recent federal budget that did not include one of its marquee announcements.
Instead, the government is expected to table a stand-alone bill to update the tax system so the wealthiest Canadians and businesses pay taxes on a greater share of their profits.
That means each party will have to stake out a clear position by voting yes or no.
Public opinion polls show younger Canadians increasingly support the Conservatives — a trend Prime Minister Justin Trudeau, who has long relied on voters under 40, is hoping to reverse.
Last month's budget focused heavily on tackling housing affordability. Freeland and Trudeau framed the spending plan as being about "generational fairness."
Poilievre has said the Conservatives will vote against the budget.
But as he pitches himself as a champion of the working class and the one who best understands cost-of-living anxieties, will he support measures that the government says would only affect the very richest Canadians?
His office won't say.
"Common sense Conservatives will vote against Justin Trudeau’s inflationary budget," spokesman Sebastian Skamski said in a statement.
"The legislation you are asking about doesn’t exist yet due to Justin Trudeau’s incompetence, so it’s impossible for us to weigh in on the matter."
Trudeau and his ministers have been travelling around the country touting how the measures will require those who earn profits from the sale of assets to pay more of their "fair share."
The Liberals propose making two-thirds rather than one-half of capital gains taxable.
The increase to the so-called inclusion rate would apply to all net profits realized by corporations and those above $250,000 for individuals. They would not apply to the sale of a primary residence.
The government calculates the change would create more than $19 billion in tax revenue over the next five years, helping to fund new spending, including on measures meant to spur housing construction.
"It's obvious the Liberals are making up their 'cornerstone policy' on the fly," Skamski's statement said.
He added that "Trudeau's wealthy friends" won't pay a cent more, and "working and middle class Canadians" will be on the hook for Liberal spending.
Poilievre hinted at his own thinking in a recent opinion piece.
He put what he described as the "attack" businesses and entrepreneurs are facing at the feet of corporate leaders themselves, writing that their approach of sucking up to Trudeau's Liberals hasn't worked.
"They had been planning to do nothing except complain and hope their useless and overpaid lobbyists meet Chrystia Freeland or Justin Trudeau to talk some sense into them while the Opposition hounds the government to reverse course," Poilievre wrote last Friday in the National Post.
"If you want to stop Trudeau's latest tax hikes, don't talk to politicians about it, talk to the people."
His comments — which were heavily circulated by his MPs and other Conservatives on social media — are in keeping with the populist message Poilievre has been sending to the business community since becoming leader: he will prioritize everyday people, not "corporate Canada."
He also warned that that approach will not change should he become prime minister.
Poilievre's opinion piece addressed the concerns professional associations and companies are expressing about the proposed capital gains changes.
It said they should raise such issues directly with their patients and employees.
"Obviously, my future government will do exactly the opposite of Trudeau on almost every issue," he wrote.
Poilievre was asked directly in an interview last week whether a future Poilievre government would repeal or keep the capital gains changes.
He did not specify, saying only that it's still a "hypothetical" matter.
He argued that hiving off changes to the capital gains taxation regime from the budget implementation bill amounts to a "flip-flop" by the Liberals.
And while Poilievre didn't lay out what he might do next, he panned the measure as ineffective.
"What is clear is that it won't affect the rich, because the rich are just selling their assets now before the change takes effect. They're moving their money over to tax havens … they won't pay a penny more," he told Toronto's CP24.
This report by The Canadian Press was first published May 5, 2024.
IN DEPTH
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.
'Democracy requires constant vigilance' Trudeau testifies at inquiry into foreign election interference in Canada
Prime Minister Justin Trudeau testified Wednesday before the national public inquiry into foreign interference in Canada's electoral processes, following a day of testimony from top cabinet ministers about allegations of meddling in the 2019 and 2021 federal elections. Recap all the prime minister had to say.
As Poilievre sides with Smith on trans restrictions, former Conservative candidate says he's 'playing with fire'
Siding with Alberta Premier Danielle Smith on her proposed restrictions on transgender youth, Conservative Leader Pierre Poilievre confirmed Wednesday that he is against trans and non-binary minors using puberty blockers.
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
Severe thunderstorms, 15 cm of snow: Canadian weather forecast highlights
Well into spring, some parts of Canada could experience a wintry comeback, while other areas are bracing for severe thunderstorms, according to local forecasts.
Pope apologizes after using 'homophobic terms'
Pope Francis apologized Tuesday after he was quoted using a vulgar term about gay men to reaffirm the Catholic Church's ban on gay priests.
At least 60 reports of Lyme disease so far as Ontario enters tick season
Peak tick season is only just beginning but reports of bites – and tick-borne illnesses – are already higher than normal in Ontario.
Spy watchdog's foreign interference review finds 'unacceptable gaps' in accountability
The Canadian Security Intelligence Service and Public Safety Canada lacked a system for tracking who received and read specific intelligence on foreign interference, creating 'unacceptable gaps in accountability,' the national spy watchdog has found.
Tornado touches down west of the Island of Montreal
Emergency services in the town of Rigaud, Que. are investigating after a tornado touched down shortly after 5:30 p.m.
Man convicted in attack on Pelosi's husband back in court after judge's error
A man who assaulted U.S. House Speaker Nancy Pelosi's husband in 2022 will have another day in court on Tuesday after the federal judge overseeing the case failed to allow him to speak during his sentencing hearing earlier this month.
Teen was doing homework at family's Mississauga, Ont. restaurant when gunman opened fire: testimony
The 13-year-old sister of a young man killed in the attack on her family’s Mississauga restaurant in 2021 took the stand in a Brampton courthouse on Monday to describe the terrifying moments of coming under fire.
WATCH Airline pilot treated to stunning northern lights show during U.S.-Portugal flight
An airline pilot got quite a show on May 11 while flying from San Francisco to Lisbon when a solar storm caused stunning auroras.
Richard Dreyfuss' comments about women, LGBTQ2S+ people and diversity lead venue to apologize
The actor Richard Dreyfuss showed up in a dress at a 'Jaws'-themed event in Massachusetts, where the blockbuster 1975 movie he starred in was shot, and then proceeded to make demeaning remarks about women, LGBTQ2S+ people and diversity.
Local Spotlight
WATCH Alta. man rescues wild foal trapped on steep cliffside
A man's daring rescue of a newborn wild foal that was trapped after falling down a steep embankment was caught on video over the weekend.
'Forgot how fun this was': Winnipeg man competing in World Pinball Championship
A Winnipeg pinball wizard is heading to the granddaddy of them all – the IFPA World Pinball Championship.
Ottawa U20 ultimate Frisbee players to represent Canada at world championships this summer
It’s the chance of a lifetime for a group of Ottawa athletes who are getting ready to represent Team Canada at the World Junior Ultimate championships in the United Kingdom.
140-year-old downtown Winnipeg church on brink of collapse
Parishioners at Holy Trinity Anglican Church are praying for a monetary miracle, as their historic place of worship could collapse at any moment.
'Inspires a sense of adventure': Sask. man conquers Mount Everest
A Saskatchewan man made it to the summit of Mount Everest earlier this month.
New gold mine in northern Ontario could become biggest in Canada
IAMGOLD’s Cote Gold open pit mine, located off Highway 144 between Timmins and Sudbury, had its official ribbon-cutting ceremony this week as production ramps up.
Pomp, circumstance, and Crocs: Barrie, Ont. couple's unforgettable day at Buckingham Palace
When one is extended an invitation to the Royal Garden Party in London, England, there's undoubtedly no shortage of pomp and circumstance. Barrie, Ont. natives Megan Kirk Chang and her husband Brandon experienced just that as they entered the prestigious event hosted at Buckingham Palace on Tuesday.
Tim Meadows pledges not to shave until the Oilers win the cup, who are the team's other famous fans?
An unlikely celebrity emerged from social media to cheer on the Edmonton Oilers as they face the Dallas Stars tonight in Game 1 of the Western Conference Finals.
'Near and dear to all filmmakers': Return of Regina's discount theatre bodes well for fans, movie makers alike
The proprietors of Regina's sole discount theatre are aware they're carrying on a significant legacy.