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

PHOTOS: Castlegar swimmers at Trail meet

Castlegar swimmers took part in the Greater Trail Stingrays meet last weekend.

Castlegar mayor releases FCM itinerary

Bruno Tassone delivers promised report on activities at Quebec City municipal conference

Castlegar watering restrictions start this week

No watering or car washing allowed between 11 a.m. and 5 p.m.

Fish free on Family Fishing Weekend

Family Fishing Weekend events take place June 14 to 16 with organized events in the Kootenays.

PLACE NAMES: Rossland neighbourhoods, Part 2

Early Rossland’s misaligned townsite additions frustrated the city engineer

VIDEO: First Nations, developer call for return and protection of sacred B.C. burial site

Dozens of First Nations leaders gather on grassy plateau to call on action by provincial government

You might not know these B.C. records are public

Hired a lawyer to file a civil claim? Those are published online

Teen stabbed after end-of-night limo dispute in downtown Vancouver

A young man, 19, is in serious condition following a dispute between two groups

B.C. bus driver loses case to get job back after texting while driving full bus

An arbitator ruled that Tim Wesman’s phone usage was a “a reckless disregard for public safety”

Revamped B.C. Lions set to battle veteran Winnipeg Blue Bombers

The Lions’ first test of the season will be a big one

No business case for Trans Mountain expansion, says former environment minister

Cabinet is expected to announce its decision on the expansion of the Alberta-to-B.C. pipeline by Tuesday

LETTER: British Columbia’s forest industry crisis being made worse

Andrew Wilkinson warns of regulatory overload by John Horgan’s NDP

Convicted B.C. child abductor Randall Hopley back in custody 6 months after release

Correctional Services Canada could not provide further details due to privacy concerns

Bears have killed 17 people in B.C. since 1986

Number of bear complaints and bears killed rose sharply during same period

Most Read