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

West Kelowna fire under control

A fire broke out just above Bear Creek Provincial Park Monday

Kelowna Boat Show highlights abandoned boat program

The 24th annual Kelowna Boat Show hits shores April 27 and 28.

Kelowna’s Korczak, Canada en route to U18 quarter-finals

Kaedan Korczak and Team Canada play Latvia Thursday

‘Cutthroat’ sport of wine tasting happening now in the Okanagan

BC Tasting Games are underway with competitions in three Okanagan communities.

Kelowna pimp faces 4 year sentence

In court the details of how Simon Rypiak lured 4 women into prostitution revealed

VIDEO: Okanagan fire victim Amy Hansen speaks out on the loss of her four pets

A gofundme page has been started for Hansen, with $1,140 raised of a $5000 goal to help her rebuild

WATCH: South Vancouver Island shooting an ‘isolated and targeted’ incident, say police

One person in custody, another fled following shooting and crash on West Shore

Woe, Canada: Bruins down Maple Leafs 5-1 in Game 7

No Canadian teams left in Stanley Cup playoffs

Defence accuses officer of ‘incompetence’ in trial for B.C. man accused in daughters’ murder

Double murder trial for the Victoria father accused of killing his two young daughters continues

Should B.C. parents receive money if they make sure their kids are vaccinated?

New survey looks at public opinion around government’s role in forcing immunizations

Okanagan history in pictures

Grand opening of downtown Vernon Safeway store from 1965

Okanagan firefighter steps up to challenge

Andrew Haak will be one of hundreds of firefighters taking part in the Firefighter Stairclimb Challenge in Calgary on May 5

SPCA investigating hen cull at Shuswap egg farm

Egg farm regulator says they are confident cull at was done properly

Okanagan Rail Trail a popular place

Thousands pack North Okanagan section over long weekend

Most Read