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Canadians for Tax Fairness Profile picture
Canadians for Tax Fairness
@FairTaxCanada
Non-profit, non-partisan research & advocacy for fair taxation / OSBL, non-partisan, recherche et plaidoyer pour équité fiscale
Apr 17 • 6 tweets • 1 min read
Yikes! A lot of misunderstanding circling about the capital gains inclusion rate being raised. Time to clear some things up! Firstly, it’s not a *tax* of 50% or 66% - that is the percentage of the amount of gains that is *allowed* to be taxed 🧵 #Budget2024 #CdnPoli Capital gains are simply the amount of income received from an investment. In Canada, 100% of workers’ earnings are taxed, but only 50% of gains from investments are taxed, favouring the wealthy over working people💰#Budget2024 #CdnPoli
Apr 17 • 4 tweets • 1 min read
Pleased to see #Budget24 raise the capital gains inclusion rate, bringing in $19 bil! Currently, workers earnings are taxed at 100% while wealthy investors are taxed on only 50% of their gains. We’ve been advocating for this for a decade 🧵 #CanPoli #TaxTheRich Image The capital gains inclusion rate will move from 50% to 66% for annual amounts over $250,000. Even better: capital gains inclusion rates for corporations also go from 1/2 to 2/3, with no minimum threshold. #Budget24 #CanPoli
May 3, 2023 • 6 tweets • 2 min read
The government just released the 2021 Canadian Income Survey results.

The poverty rate increased for the first time since 2015.
#cdnpoli
www150.statcan.gc.ca/n1/daily-quoti… In 2015, Canada’s poverty rate hit a high of 14.3%. In 2020, it hit a low of 9.3%.

The poverty rate has been declining since 2015, but 2020 saw the largest 1yr decrease:

over 1 million were lifted out of poverty thanks to unprecedented income support during the pandemic.
Mar 28, 2023 • 4 tweets • 2 min read
#Budget2023 makes hefty investments in clean economy, health and affordability but mostly misses the mark on how to pay for it. 1/4 The good news: stock buyback tax announced in the fall financial update and a new tax on dividends in the financial sector will bring over $1 billion a year from rich corporations. 2/4