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Wealth Tax Would Earn Canada C$5.6 Billion, Fiscal Office Says

July 8, 2020, 6:54 PM

A 1% tax on the richest Canadians would provide the federal government with C$5.6 billion ($4.15 million) in revenue in 2020-21, a fiscal analysis office said Wednesday.

About 13,800 families would have to pay the tax on net wealth over C$20 million, the Parliamentary Budget Office said in a report. The analysis includes all assets and liabilities except for lottery winnings to measure the C$20 million threshold.

  • The office, which provides nonpartisan analysis, did the study at the request of a lawmaker from the left-leaning New Democratic Party, which has proposed exactly such a tax.