Bolder moves needed to tax the rich

The big surprise in the 2024 federal budget was a very small, but very important, tax increase on the richest Canadians. Although it is modest, the increase has some on Bay Street fuming. But the reality is we need to do much more to improve tax fairness and reduce the growing gap between the rich and the rest of us. The 2024 tax changes affect capital gains, or the income received when selling an asset above its purchase price. Currently, only half of capital gains are taxable, with exemptions for primary residences and up to $1 million in other qualifying assets, such as farming and fishing property.