Canada Hikes Capital Gains Tax to Raise Billions for Housing (3)

Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for tens of billions in new spending aimed at making housing more affordable and improving the lives of young people.

Finance Minister Chrystia Freeland said the government will tax Canadian companies on two-thirds of their capital gains, up from half currently. That change will also apply to individual taxpayers when they have gains over C$250,000 ($181,000) in a year, though people will still be able to sell the homes they live in tax-free.

Chrystia Freeland, Canada’s deputy prime minister and finance minister

Source: Bloomberg

In prepared remarks to lawmakers, Freeland said the job of Canada’s tax ...