{"id":9014,"date":"2024-04-21T06:00:09","date_gmt":"2024-04-21T03:00:09","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=9014"},"modified":"2024-04-21T06:00:09","modified_gmt":"2024-04-21T03:00:09","slug":"analysis-do-wealthy-canadians-pay-enough-taxes-that-depends-how-we-define-fair-share-cbc-news","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=9014","title":{"rendered":"ANALYSIS | Do wealthy Canadians pay enough taxes? That depends how we define ‘fair share’ | CBC News"},"content":{"rendered":"

When the federal\u00a0government announced an increase in\u00a0capital gains taxes\u00a0in its\u00a0recent budget, the hike was\u00a0defended, in part, as a way to ensure\u00a0the wealthiest Canadians pay their fair share.But how exactly do we\u00a0determine what a “fair share” is?\u00a0Especially, as some data suggests, the wealthiest are already paying a larger share of the overall income tax burden.”That word fair\u00a0is completely subjective,” said Trevor Tombe, a professor of economics at the University of Calgary.\u00a0“What’s needed in any kind of statement around what is or isn’t fair is clarity around what the person means when they\u00a0say that word.”Jake Fuss,\u00a0director of fiscal studies at the Fraser Institute, echoed that a lot of these discussions are not informed by definitions, which is why\u00a0the institute releases an\u00a0annual report about Canada’s tax system that has found\u00a0high-income Canadians are paying\u00a0disproportionately more in taxes.WATCH | The federal budget hikes capital gains inclusion rate:\u00a0<\/em><\/strong><\/p>\n

Federal budget adds billions in spending, hikes capital gains tax<\/h3>\n

4 days ago<\/span>Duration <\/span>6:14<\/span>Finance Minister Chrystia Freeland unveiled the government’s 2024 federal budget, with spending targeted at young voters and a plan to raise capital gains taxes for some of the wealthiest Canadians.<\/span><\/span><\/span><\/p>\n

Fair share definition ‘vague’<\/h2>\n

“It’s kind of very vague in terms of what governments and policymakers actually mean by a fair share,” said Fuss.In the 2024 budget, the federal government lays out its case for what it believes is not fair, particularly when it comes to taxes on capital gains.”While all Canadians can benefit from the capital gains tax advantage, the wealthy, who tend to earn relatively more income from capital gains, disproportionately benefit compared to the middle class,” the budget said.That’s why, in the interest of fairness, the\u00a0government said\u00a0it would increase the\u00a0inclusion rate of the capital gains tax from one-half to two thirds on capital gains above $250,000 per year for individuals, and on all capital gains realized by corporations and trusts.This, according to the government, would affect\u00a00.13 per cent of Canadians\u00a0with an average income of $1.4\u00a0million.\u00a0WATCH | Confused about the capital gains tax changes? We break it down:\u00a0<\/strong><\/em><\/p>\n

Breaking down the capital gains tax changes<\/h3>\n

1 day ago<\/span>Duration <\/span>4:49<\/span>The federal government unveiled billions in spending in its 2024 budget, and to help pay for it all, it\u2019s proposing changes to how capital gains are taxed. CBC\u2019s Nisha Patel breaks down how it works and who will be affected.<\/span><\/span><\/span>While those tax changes may impact the very wealthiest, Fuss suggested\u00a0that what is often overlooked is how much high income earners are actually paying in taxes.The\u00a0Fraser Institute’s\u00a02023\u00a0report\u00a0suggests that the top income-earning families \u2014 those making just under $250,000\u00a0\u2014 pay the majority of Canada’s taxes.It found that the top 20 per cent of income earning families pay 61.9 per cent\u00a0(that’s nearly\u00a0two thirds) of all the country’s personal income taxes, while accounting for\u00a0just under half of its\u00a0total income.\u00a0As well, the study\u00a0found that those top income earning families pay 53.1 per cent of total taxes.Similar data was also compiled by Statistics Canada\u00a0on those who pay higher income taxes.\u00a0For example, in 2021, the top one per cent income group paid 22.5 per cent of all income taxes, but accounted for 10.4 per cent share of the country’s total income. The top 10 per cent income group paid 54.4 per cent of all income tax, but had a share of the country’s total income of 34.4 per cent.Still, Allison Christians, the\u00a0H. Heward Stikeman Chair in the Law of Taxation at McGill University,\u00a0said some of those numbers are skewed because some\u00a0top earners can shelter their income through creative tax planning.According to Christians, the top earners also pay a much lower\u00a0percentage of their income in consumption taxes than other earners.”The question is not what percentage of income taxes is someone paying, but what is their relative contribution to the finances of Canada as a whole,” she said.WATCH | Could the capital gains tax changes impact small businesses?:\u00a0<\/em><\/strong><\/p>\n

How could capital gains tax increases impact Canadian small businesses? | Power & Politics<\/h3>\n

3 days ago<\/span>Duration <\/span>12:18<\/span>Some business groups are worried that new capital gains tax changes could hurt economic growth. But according to Small Business Minister Rechie Valdez, most Canadians won’t be impacted by that change \u2014 and it’s a move to create fairness.<\/span><\/span><\/span><\/p>\n

Income inequality\u00a0a factor<\/h2>\n

Clement Nocos,\u00a0director of policy and\u00a0engagement\u00a0at the Broadbent Institute,\u00a0says the Fraser Institute\u00a0figures, along with the Statistics Canada data, ignores the totality of actual income inequality.Nocos referred to a\u00a0recent Statistics Canada report showing\u00a0that\u00a0<\/em>the\u00a0wealthiest 20 per cent of Canadians\u00a0account\u00a0for more than two-thirds of the total net wealth.As well, according to the data, the bottom 40 per cent of net income earners make up just under three per cent of total wealth.”You look\u00a0<\/strong>at wealth as a whole of what people have and what contributes to inequality. That’s sort of what’s missing in these arguments,” he said. “Inequality when it comes to wealth is actually massive and growing.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The federal government announced an increase in capital gains taxes in the recent budget to ensure the wealthiest Canadians pay their fair share. The government plans to increase the inclusion rate of the capital gains tax for high-income earners. Data from the Fraser Institute and Statistics Canada show that high-income earners already pay a disproportionately large share of taxes. However, some argue that this data does not consider the totality of income inequality, with the wealthiest 20 percent of Canadians holding more than two-thirds of total net wealth.<\/p>\n","protected":false},"author":6,"featured_media":9015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,1964,6393,6497,1766,186,6916,913,6862,7190,6981,5907,3348,5099,2369,645,7279,1873,5596,5760,415,3767,4769,1295,6912,2294,5489,3398,4773,1823,959,899,5679,4179,3747,3331,1012,4833,1004,4620,89,3603,3480,1827,3814,1065,6917,4507,3359,5681,4738,1183,618,5628,1379,4928,6598,6305],"class_list":["post-9014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-2024-budget","tag-analysis","tag-benefit","tag-budget","tag-business","tag-business-groups","tag-canada","tag-capital-gains","tag-capital-gains-inclusion-rate","tag-capital-gains-tax","tag-capital-gains-taxes","tag-change","tag-corporations","tag-data","tag-economic-growth","tag-fair-share","tag-fairness","tag-families","tag-federal-budget","tag-government","tag-growth","tag-high-income-earners","tag-inclusion","tag-inclusion-rate","tag-income","tag-income-inequality","tag-income-tax","tag-income-taxes","tag-increase","tag-inequality","tag-interest","tag-law","tag-middle-class","tag-missing","tag-news","tag-numbers","tag-policy","tag-power","tag-report","tag-small-business","tag-small-businesses","tag-spending","tag-statement","tag-statistics","tag-tax","tag-tax-burden","tag-tax-changes","tag-tax-increases","tag-tax-system","tag-taxation","tag-taxes","tag-top","tag-totality","tag-voters","tag-wealthy","tag-wealthy-canadians","tag-who"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nANALYSIS | Do wealthy Canadians pay enough taxes? 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