
Jasraj Singh Hallan, Conservative Shadow Minister for Finance, and Adam Chambers, Conservative Shadow Minister for National Revenue has written a letter to Dominic LeBlanc, calling on him to cancel their capital gains tax increase.
He said in the letter, “After completely losing control of spending, your NDP-Liberal government decided to launch a disastrous capital gains tax hike on workers, homebuilders, doctors, farmers and small businesses. But after Justin Trudeau paralyzed Parliament for months on end, and then shut it down completely to hide from an election, you failed to make the capital gains tax hike law. Despite this, the Canada Revenue Agency has already begun collecting capital gains taxes at the new and higher rate, even though Common Sense Conservatives will never allow it to become law.”
He argues, that this chaos has real consequences for Canadians. “You are taking money from small businesses without the consent of Parliament and have created a tax-filing nightmare for hard-working Canadians across our country.”
Hallan says that Conservatives warned NDP-Liberal Government that this tax hike was catastrophic for Canada’s already weak and failing economy. “You are hiking taxes on homebuilding during a housing shortage. You are raising taxes on doctors during a doctor shortage. You are hiking taxes again on farmers during a food cost crisis. And you are hiking taxes on small business and workers while Canadians’ paycheques are shrinking and investment is fleeing.”
He said that CD Howe Institute has confirmed that capital gains tax hike will cause Canada’s employment to decline by an additional 414,000 jobs, at a time when Canada’s unemployment rate is already surging and projected in your own Fall Economic Statement to increase next year. It will also cause Canada’s GDP to decline by $90 billion while GDP per capita will decrease by 3 percent, mostly within the next five years.
“As Minister of Finance, you have a responsibility to stop this job-killing tax hike before it does even more damage to our economy. If you refuse to do this, then at the very least, you must direct the Canada Revenue Agency to stop collecting this tax until after an election. Only then can a Common Sense Conservative government put a stop to the chaos, end the economic vandalism, axe the tax and bring home powerful paycheques for all Canadians.”