{"id":9399,"date":"2024-04-23T23:00:16","date_gmt":"2024-04-23T20:00:16","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=9399"},"modified":"2024-04-23T23:00:16","modified_gmt":"2024-04-23T20:00:16","slug":"taxes-should-not-wag-the-tail-of-the-investment-dog-but-thats-what-trudeau-wants","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=9399","title":{"rendered":"Taxes should not wag the tail of the investment dog, but that&#8217;s what Trudeau wants"},"content":{"rendered":"<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Taxes<\/li>\n<li class=\"breadcrumbs__item\">Personal Finance<\/li>\n<\/ol>\n<\/nav>\n<p>Kim Moody: Ottawa is encouraging people to crystallize their gains and pay tax. That\u2019s a hell of a fiscal plan<span class=\"published-date__since\">Published Apr 23, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 6\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">6 minute read<\/span><\/p>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Prime Minister Justin Trudeau, Finance Minister Chrystia Freeland and cabinet ministers before the tabling of the federal budget on Parliament Hill in Ottawa.<\/span> <span class=\"credit\">Photo by JUSTIN TANG\/THE CANADIAN PRESS\/FILE<\/span><\/figcaption><\/figure>\n<p><em>Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.<\/em><\/p>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The Canadian federal budget has been out for a week, which is plenty of time to absorb just how terrible it is.The problems start with weak fiscal policy, excessive spending and growing public-debt charges estimated to be $54.1 billion for the upcoming year. That is more than $1 billion per week that Canadians are paying for things that have no societal benefit.<\/section>\n<section aria-describedby=\"advertisment2339364405933370592030263754096640\" class=\"ad\">Advertisement 2Story continues belowThis advertisement has not loaded yet, but your article continues below.<\/section>\n<section class=\"row\">THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<p>SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine data-sailthru-personalization-engine-component><\/section>\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"><\/span><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"><\/span><\/p>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"><\/footer>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article content<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article contentNext, the budget clearly illustrates this government\u2019s continued weak taxation policies, two of which it apparently believes\u00a0 are good for entrepreneurs. But the proposed $2-million Canadian Entrepreneurs Incentive (CEI) and $10-million capital gains exemption for transfers to an employee ownership trust (EOT) are both laughable.Why? Well, for the CEI, virtually every entrepreneurial industry (except technology) is not eligible. If you happen to be in an industry that qualifies, the $2-million exemption comes with a long, stringent list of criteria (which will be very difficult for most entrepreneurs to qualify for) and it is phased in over a 10-year period of $200,000 per year.For transfers to EOTs, an entrepreneur must give up complete legal and factual control to be eligible for the $10-million exemption, even though the EOT will likely pay the entrepreneur out of future profits. The commercial risk associated with such a transfer is likely too great for most entrepreneurs to accept.<\/p>\n<h2>Capital gains tax hike<\/h2>\n<p>But the budget\u2019s highlight proposal was the capital gains inclusion rate increase to 66.7 per cent from 50 per cent for dispositions effective after June 24, 2024. The proposal includes a 50 per cent inclusion rate on the first $250,000 of annual capital gains for individuals, but not for corporations and trusts. Oh, those evil corporations and trusts.<\/section>\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories2702192234538891251723909524881408\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">Top StoriesGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article content<\/section>\n<section aria-describedby=\"advertisment3858315956700646251998219547443200\" class=\"ad\">Advertisement 3Story continues belowThis advertisement has not loaded yet, but your article continues below.<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article contentThere is a lot wrong with this proposed policy. The first is that by not putting individuals, corporations and trusts on the same taxation footing for capital gains taxation, the foundational principle of integration (the idea that the corporate and individual tax systems should be indifferent to whether an investment is held in a corporation or directly by the taxpayer) is completely thrown out the window. This is wrong.Some economists have come out in strong favour of the proposal, mainly because of equity arguments (a buck is a buck), but such arguments ignore the real world of investing where investors look at overall risk, liquidity and the time value of money.If capital gains are taxed at a rate approaching wage taxation rates, why would entrepreneurs and investors want to risk their capital when such investments might be illiquid for a long period of time and be highly risky?They will seek greener pastures for their investment dollars and they already are. I\u2019ve been fielding a tremendous number of questions from investors over the past week and I\u2019d invite those academics and economists who support the increased inclusion rate to come live in my shoes for a day to see how the theoretical world of equity and behaviour collide. It\u2019s not good and it certainly does nothing to help Canada\u2019s obvious productivity challenges.<\/section>\n<section aria-describedby=\"advertisment4286740118693500611191056482959360\" class=\"ad\">Advertisement 4Story continues belowThis advertisement has not loaded yet, but your article continues below.<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article contentOf course, there has been the usual chatter encouraging such people to leave (\u201cdon\u2019t let the door hit you on the way out,\u201d some say) from those who don\u2019t understand basic economics and taxation policy, but these cheerleaders should be careful what they wish for. The loss of successful Canadians and their investment dollars affects all of us in a very negative way.The government messaging around this tax proposal has many people upset, including me. Specifically, it is the following paragraph in the budget documents that many supporters are parroting that is upsetting:\u201cNext year, 28.5 million Canadians are not expected to have any capital gains income, and 3 million are expected to earn capital gains below the $250,000 annual threshold. Only 0.13 per cent of Canadians with an average income of $1.4 million are expected to pay more personal income tax on their capital gains in any given year. As a result of this, for 99.87 per cent of Canadians, personal income taxes on capital gains will not increase.\u201d (This is supposedly about 40,000 taxpayers.)Bluntly, this is garbage. It outright ignores several facts.<\/section>\n<section aria-describedby=\"advertisment8795818381290374942321427890569216\" class=\"ad\">Advertisement 5Story continues belowThis advertisement has not loaded yet, but your article continues below.<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article contentFor one thing, there are hundreds of thousands of private corporations owned and controlled by Canadian resident individuals. Those corporations will be subject to the increased capital gains inclusion rate with no $250,000 annual phase-in. Because of the way passive income is taxed in these Canadian-controlled private corporations, the increased tax load on realized capital gains will be felt by individual shareholders on the dividend distribution required to recover certain refundable corporate taxes.Furthermore, public corporations that have capital gains will pay tax at a higher inclusion rate and this results in higher corporate tax, which means decreased amounts are available to be paid out as dividends to individual shareholders (including those held by individuals\u2019 pensions).The budget documents simply measured the number of corporations that reported capital gains in recent years and said it is 12.6 per cent of all corporations. That measurement is shallow and not the whole story, as described above.<\/p>\n<h2>Tax hit for cottages<\/h2>\n<p>There are also millions of Canadians who hold a second real estate property, either a cottage-type and\/or rental property. Those properties will eventually be sold, with the probability that the gain will exceed the $250,000 threshold.<\/section>\n<section aria-describedby=\"advertisment778457174101230174245529088688128\" class=\"ad\">Advertisement 6Story continues belowThis advertisement has not loaded yet, but your article continues below.<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article contentUpon death, an individual will often have their largest capital gains realized as a result of deemed dispositions that occur immediately prior to death. This will have the distinct possibility of capital gains that exceed $250,000.And people who become non-residents of Canada \u2014 and that is increasing rapidly \u2014 have deemed dispositions of their assets (with some exceptions). They will face the distinct possibility that such gains will be more than $250,000.The politics around the capital gains inclusion rate increase are pretty obvious. The government is planning for Canadian taxpayers to crystallize their inherent gains prior to the implementation date, especially corporations that will not have a $250,000 annual lower inclusion rate. For the current year, the government is projecting a $4.9-billion tax take. But next year, it dramatically drops to an estimated $1.3 billion.This is a ridiculous way to shield the government\u2019s tremendous spending and try to make them look like they are holding the line on their out-of-control deficits. The government is encouraging people to crystallize their gains and pay tax. That\u2019s a hell of a fiscal plan.<\/section>\n<section aria-describedby=\"advertisment7551644311938299135326576097361920\" class=\"ad\">Advertisement 7Story continues belowThis advertisement has not loaded yet, but your article continues below.<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article content<\/p>\n<section aria-labelledby=\"moreTopicLabel4752994819222173690178867413647360\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component data-carousel-icon-button data-carousel-type=\"list\">Recommended from Editorial<button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev title=\"previous\" type=\"button\"><\/button><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list>\n<li data-evt-val='{\"control_fields\": {\"mparticle\": {\"keys\": {\"click_source_type\": \"click_source_type\", \"data_source\": \"data_source\", \"anchor_text\": \"anchor_text\", \"widget_title\": \"widget_title\", \"target_url\": \"target_url\", \"target_article_title\": \"target_article_title\", \"target_article_id\": \"target_article_id\", \"target_article_position\": \"target_article_position\", \"layout_section\": \"layout_section\"}, \"mp_event_type\": \"Navigation\", \"extra_keys\": [\"click_vertical_position_percentage\", \"click_vertical_position_pixels\"]}}, \"click_source_type\": \"widget-list\", \"data_source\": \"editorial\", \"anchor_text\": \"Will budget include corporate excess profits tax?\", \"widget_title\": \"recommended-from-editorial\", \"target_url\": \"https:\/\/financialpost.com\/personal-finance\/will-federal-budget-include-corporate-excess-profits-tax\", \"target_article_title\": \"Will budget include corporate excess profits tax?\", \"target_article_id\": \"4841cf79-423a-427d-930e-9d5152cabd8d\", \"target_article_position\": \"0\", \"layout_section\": \"recommended-from-editorial\"}' class=\"more-topic__item\" data-carousel-item data-evt=\"click\" data-evt-typ=\"click\">  Will budget include corporate excess profits tax? <\/li>\n<li data-evt-val='{\"control_fields\": {\"mparticle\": {\"keys\": {\"click_source_type\": \"click_source_type\", \"data_source\": \"data_source\", \"anchor_text\": \"anchor_text\", \"widget_title\": \"widget_title\", \"target_url\": \"target_url\", \"target_article_title\": \"target_article_title\", \"target_article_id\": \"target_article_id\", \"target_article_position\": \"target_article_position\", \"layout_section\": \"layout_section\"}, \"mp_event_type\": \"Navigation\", \"extra_keys\": [\"click_vertical_position_percentage\", \"click_vertical_position_pixels\"]}}, \"click_source_type\": \"widget-list\", \"data_source\": \"editorial\", \"anchor_text\": \"A single act of courage is needed to fix tax system\", \"widget_title\": \"recommended-from-editorial\", \"target_url\": \"https:\/\/financialpost.com\/personal-finance\/taxes\/single-act-courage-fix-canada-tax-system\", \"target_article_title\": \"A single act of courage is needed to fix tax system\", \"target_article_id\": \"194a2c95-1703-4f38-bb81-d17bccf5fcee\", \"target_article_position\": \"1\", \"layout_section\": \"recommended-from-editorial\"}' class=\"more-topic__item\" data-carousel-item data-evt=\"click\" data-evt-typ=\"click\">  A single act of courage is needed to fix tax system <\/li>\n<li data-evt-val='{\"control_fields\": {\"mparticle\": {\"keys\": {\"click_source_type\": \"click_source_type\", \"data_source\": \"data_source\", \"anchor_text\": \"anchor_text\", \"widget_title\": \"widget_title\", \"target_url\": \"target_url\", \"target_article_title\": \"target_article_title\", \"target_article_id\": \"target_article_id\", \"target_article_position\": \"target_article_position\", \"layout_section\": \"layout_section\"}, \"mp_event_type\": \"Navigation\", \"extra_keys\": [\"click_vertical_position_percentage\", \"click_vertical_position_pixels\"]}}, \"click_source_type\": \"widget-list\", \"data_source\": \"editorial\", \"anchor_text\": \"Bare trust debacle shows CRA needs to respect taxpayers\", \"widget_title\": \"recommended-from-editorial\", \"target_url\": \"https:\/\/financialpost.com\/personal-finance\/taxes\/bare-trust-debacle-shows-cra-needs-respect-taxpayers\", \"target_article_title\": \"Bare trust debacle shows CRA needs to respect taxpayers\", \"target_article_id\": \"8e568ad4-9920-4cb9-bced-920083ebe4fc\", \"target_article_position\": \"2\", \"layout_section\": \"recommended-from-editorial\"}' class=\"more-topic__item\" data-carousel-item data-evt=\"click\" data-evt-typ=\"click\">  Bare trust debacle shows CRA needs to respect taxpayers <\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next title=\"next\" type=\"button\"><\/button><\/section>\n<p>There\u2019s an old saying that tax should not wag the tail of the investment dog, but that is exactly what the government is encouraging Canadians to do in the name of raising short-term taxation revenues. It is simply wrong.I hope the government has some second sober thoughts about the capital gains proposal, but I\u2019m not holding my breath.<i>Kim Moody, FCPA, FCA, TEP, is the founder of Moodys Tax\/Moodys Private Client, a former chair of the Canadian Tax Foundation, former chair of the Society of Estate Practitioners (Canada) and has held many other leadership positions in the Canadian tax community. He can be reached at <\/i>kgcm@kimgcmoody.com<i><span data-contrast=\"auto\"> and his LinkedIn profile is https:\/\/www.linkedin.com\/in\/kimmoody.<\/span><\/i>_____________________________________________________________<em><b>If you like this story, <\/b><\/em>sign up for<em><b> the FP Investor Newsletter.<\/b><\/em>_____________________________________________________________<em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">Article content<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val='{\"control_fields\": {\"mparticle\": {\"mp_custom_flags\": [\"Google.NonInteraction\", \"Google.Page\"], \"extra_keys\": [\"percentage_of_page_viewed\", \"active_time_on_page\", \"percentage_of_story_viewed\"]}}}' data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\">Share this article in your social network<\/section>\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">Comments<\/p>\n<details class=\"expansion-panel comments__section__list\" open>\n<summary class=\"expansion-panel__summary\"><span aria-hidden=\"true\" class=\"article-card__comment-icon\">  <\/span><span>Join the Conversation<\/span><\/summary>\n<\/details>\n<\/section>\n<section class=\"widget js-widget-flyercity\" aria-labelledby=\"flyerWidgetLabel\" data-aqa=\"widget-flyercity\">This Week in Flyers<\/section>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian federal budget includes a proposal to increase the capital gains inclusion rate to 66.7% from 50% for dispositions effective after June 24, 2024.<\/p>\n","protected":false},"author":6,"featured_media":9400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,6552,5936,6497,1766,186,3345,913,6862,7190,6981,2134,3894,325,2421,279,2460,4498,3399,5099,2692,898,2933,5981,280,4377,2713,5760,569,518,4081,415,4407,1295,6912,2294,3398,4773,1823,1991,2753,3752,3404,465,5527,2628,2861,393,3331,110,1799,722,3682,7390,4833,301,5957,7320,3327,284,4671,6037,287,6468,6790,5614,4054,3480,1358,1065,3600,5681,3401,4738,5180,1183,7191,1682,618,1681,1503,380,6305,18],"class_list":["post-9399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-access","tag-article","tag-benefit","tag-budget","tag-business","tag-cabinet","tag-canada","tag-capital-gains","tag-capital-gains-inclusion-rate","tag-capital-gains-tax","tag-challenges","tag-charges","tag-check","tag-cheerleaders","tag-comment","tag-community","tag-corporate-tax","tag-corporate-taxes","tag-corporations","tag-death","tag-debt","tag-dividend","tag-dog","tag-editorial","tag-entrepreneur","tag-exceptions","tag-federal-budget","tag-finance","tag-finance-minister","tag-future","tag-government","tag-hope","tag-inclusion","tag-inclusion-rate","tag-income","tag-income-tax","tag-income-taxes","tag-increase","tag-industry","tag-investment","tag-investments","tag-investors","tag-kim","tag-loss","tag-money","tag-moodys","tag-new-york","tag-news","tag-online-access","tag-parliament","tag-pensions","tag-personal-income-tax","tag-personal-income-taxes","tag-policy","tag-politics","tag-productivity","tag-products","tag-properties","tag-property","tag-proposal","tag-publication","tag-real-estate","tag-rental","tag-respect","tag-revenues","tag-risk","tag-spending","tag-support","tag-tax","tag-tax-proposal","tag-tax-system","tag-tax-systems","tag-taxation","tag-taxation-policies","tag-taxes","tag-taxpayers","tag-technology","tag-top","tag-trust","tag-upset","tag-us","tag-who","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Taxes should not wag the tail of the investment dog, but that&#039;s what Trudeau wants<\/title>\n<meta name=\"description\" content=\"tax proposal. federal budget, taxation policies, capital gains\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taxes should not wag the tail of the investment dog, but that&#039;s what Trudeau wants\" \/>\n<meta property=\"og:description\" content=\"tax proposal. federal budget, taxation policies, capital gains\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ch.jfdi.cc\/?p=9399\" \/>\n<meta property=\"og:site_name\" content=\"ch.jfdi.cc\" \/>\n<meta property=\"article:published_time\" 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