NDP Leader Jagmeet Singh will lay out his party’s proposal to increase taxes on capital gains during a keynote speech today to the Broadbent Institute’s Progress Summit in Ottawa. (THE CANADIAN PRESS/Justin Tang)

Federal NDP proposes hiking taxes on capital gains from investments

NDP Leader Jagmeet Singh will lay out his party’s proposal today in Ottawa

Federal New Democrats say they would hike the tax on investment profits to pay for pharmacare as well as more affordable childcare and housing.

NDP Leader Jagmeet Singh will lay out his party’s proposal to increase taxes on capital gains during a keynote speech today to the Broadbent Institute’s Progress Summit in Ottawa.

READ MORE: NDP leader Singh promises action on affordable housing after winning byelection

The plan is expected to form a key plank in the NDP’s election platform this fall alongside other policy proposals that the party says will target the rich, pay for more services for Canadians and cool the housing market.

The NDP is specifically looking to tax 75 per cent of profits on investments, up from the current rate of 50 per cent, which it says will raise about $3 billion for the federal treasury.

New Democrats have also talked about closing a stock-option loophole and cracking down on the use of bearer shares and foreign tax havens which they say help the rich avoid paying their fair share of taxes to society.

Some, however, have defended the stock-option loophole as important for attracting talent and encouraging start-ups while numerous governments have promised but largely failed to address tax havens.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Federal Green Party leader visits Ashcroft

Elizabeth May was in town with Mission-Matsqui-Fraser Canyon Green Party nominee John Kidder

Historic Cornwall fire lookout to get some tender loving care

Volunteers are being sought for a work bee at the lookout in August

Ashcroft resident now in his 25th year of riding to raise funds for BC Lung Association

Wayne Chorneychuk once more getting ready to ride in the Bicycle Trek for Life and Breath

Wildfire smoke can pose serious health risks

Tips to help you stay safe during the smoky summer season

Communities in Bloom judges coming to Ashcroft

All are invited to a meet and greet, where prizes for best gardens and street will be presented

Joaquin ‘El Chapo’ Guzman sentenced to life in prison

Experts say he will likely wind up at the federal government’s Supermax prison in Florence, Colorado

Olympic softball qualifier gets $150K boost from provincial government

2019 Americas Qualifier to be held in Surrey from Aug. 25-Sept. 1

Gas price inquiry questions Trans Mountain capacity, company denies collusion

The first of up to four days of oral hearings in the inquiry continue in Vancouver

‘Benzos’ and fentanyl a deadly cocktail causing a growing concern on B.C. streets

Overdoses caused by benzodiazepines can’t be reversed with opioid-overdose antidote naloxone

Will you be celebrating national hotdog day with any of these crazy flavours?

The popularity of hotdogs spans generations, cultures

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

‘Beyond the call’: Teen in police custody gets birthday surprise by B.C. Mountie

Unusual celebration started when Staff Sgt. Paul Vadik went to visit the teen in his Coquitlam cell

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

Most Read