One-Time Canadian Wealth Tax Would Raise Billions, Watchdog Says

A one-time wealth tax on the richest citizens would net Canada’s government C$60.7 billion ($48.27 billion) over five years, a fiscal watchdog said Thursday.

The tax proposal, offered by a backbench member of Parliament, would slap a 3% tax on people with over C$10 million in net wealth and a 5% tax for those with over C$20 million in net wealth, the Office of the Parliamentary Budget Officer said in an analysis.

• The tax would raise C$44 billion over five years using the same assumptions used by past studies on the behavioral impact of wealth taxes, ...