capital gains tax canada

Canadians rip on the wealthy upset by the capital gains tax hike

The federal budget announced on Tuesday proposes a higher capital gains tax for wealthy, property-owning Canadians.

Though these changes — coming into effect on or after June 25 — will only impact a small portion of the wealthy population, many are up in arms about them.

You don't have to worry about the tax increase unless you're making over $250,000 in capital gains. As an individual, your personal income taxes on capital gains will not increase if you are not part of the moneyed 0.13 per cent of Canada's population with an average income of $1.42 million.

"To make Canada's system fairer, the inclusion rate — the portion of capital gains on which tax is paid — for capital gains for individuals with more than $250,000 in capital gains in a year will increase from one-half to two-thirds. Individuals will continue to only pay tax on 50 per cent of any capital gains up to $250,000 per year," the government said in a press release following the budget announcement.

The budget notes that 28.5 million Canadians are "not expected to have any capital gains income" next year. Meanwhile, around three million others are expected to earn capital gains below the $250,000 annual threshold.

Why are so many people upset about a tiny segment of the rich paying more taxes?

Canadian netizens are asking the same question, with many ripping on the helpless uber-wealthy as well as their defenders while most of the nation suffers housing and cost-of-living crises.

Someone even called the phenomenon "simping for landlords."

"Wealthy Canadians demand the Liberals also raise taxes on the capital gains of the poor," reads the headline of an article by Canadian satire publication, The Beaverton.

Many are calling out Conservative leader Pierre Poilievre, who has verbally campaigned for everyday Canadians and the working class, but is against taxing the rich.

Unlike what the poster below believes, capital tax gains are not "commie nonsense."

According to the Canadian Senate's website, the country introduced a capital gains tax in 1972 after the Royal Commission for Taxation recommended it.

"Since then, capital gains have been taxed as ordinary income — originally, only one-half of capital gains were included as income," it reads. "This inclusion rate was later raised to three-quarters and most recently lowered to two-thirds in the last federal budget."

What are your thoughts? Let us know in the comments below.

Read more about who the government defines as "wealthy" in the new budget here.

Lead photo by

R.M. Nunes/Shutterstock


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