Fraser Valley – Justin Trudeau and the Liberals want you to believe their recent changes to the capital gains tax will only impact the top one percent. But that’s just not the case.
Canadians who are farmers, doctors, entrepreneurs on the brink of innovation, and small business owners; these are some of the faces who will suffer under the Liberals’ latest tax hike.
The Finance Minister’s latest tax hike is a desperate attempt to fund this government’s uncontrolled inflationary spending which has only led to chaos, uncertainty, and confusion. She is raising taxes without even passing a law, prompting the question: what other surprise tax hikes will this finance minister impose after the fact?
After nine years of Justin Trudeau, Canadians’ standard of living is declining due to our falling productivity, especially compared to the US. Canadian workers lack access to the same tools and technology—capital. The Liberals’ investment-killing policies, including the increase in the capital gains tax, have driven capital out of Canada, leaving Canadians worse off.
Canadians are already struggling to put food on the table, so why does the government want to punish family farms? I recently heard from a farmer in my community who, now in their 80s, would like to pass on their farm to their nephew because they had no children of their own. The Liberal Government’s decision to increase the capital gains tax will make passing on the land to the next generation of family farmers so costly there will be no money left for retirement and
any additional care they may need as they age.
The older generation of farmers, whose average age is over 55, is set to transfer tens of billions of dollars in farm assets over the next decade. The increased capital gains tax will burden younger generations looking to buy out their parents, as they face unprecedented capital costs.
The National Post reported that 10 million Canadians will be without any source of primary care within three to four years. The changes to the capital gains inclusion rate will cause a retroactive increase in tax on the retirement savings of mid- to late-career doctors, and a disincentive for new graduates considering opening a community-based practice. Doctors’ finances are already stretched with student debts and high office costs, and this tax burden will add unanticipated changes to their retirement savings.
Alistair Vigier, a tech entrepreneur wrote in Business in Vancouver, that he is considering moving his company to a country with better tax laws. Entrepreneurs have said investors who planned to write $100,000 cheques have now invested in tech companies and venture capital firms outside of Canada.
The heavy impact of this new policy will cripple innovation and drive tech companies out of the country.
Pierre Poilievre understands that real tax reform is essential to restoring Canada’s promise. Within 60 days of becoming Prime Minister, he will establish a Tax Reform Task Force comprising of entrepreneurs, inventors, farmers, and workers. This initiative will ensure workers can take home more of each dollar they earn, making Canada the best place to invest, hire, and manufacture goods. By reducing the tax burden on the poor and middle class, cutting tax-funded corporate welfare, and cracking down on overseas tax havens, the Conservatives will create a fairer tax system.
Instead of creating a divide between workers and business owners, we should be empowering workers to become business owners. We will build a nation where hard work is rewarded with substantial pay cheques and pensions that can afford food, gas, and homes in safe neighbourhoods.
Brad Vis, Member of Parliament
Mission-Matsqui-Fraser Canyon
