He is promising to expand the tax on investment profits.
OTTAWA — Jagmeet Singh is promising an NDP government would expand the tax on investment profits as part of a package of measures aimed at taxing the rich to pay for pharmacare as well as affordable child care and housing.
"A fairer tax system means more funding for services that Canadians need like universal pharmacare, child care, affordable housing and post-secondary education," Singh said in a statement.While the government currently taxes 50 per cent of profits made on investments, known as capital gains, the NDP wants to increase that threshold — known as the"inclusion rate" — to 75 per cent.
The inclusion rate for capital gains has fluctuated since it was introduced in 1972, when it was 50 per cent. It was raised several times in the intervening years to a high of 75 per cent, before Jean Chretien's government cut it to its current rate in 2000.
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