Most respondents to Knowledge Bureau’s final poll of 2016 answered yes when asked, “Do you think the 2017 federal budget will increase capital gains income inclusion rates to raise tax dollars?” We’ll have to wait for the details of the budget, expected early in the new year, to see what actually happens. Only 41% said no to the question.
President-elect Donald Trump will soon celebrate his inauguration and with his ascent to power, he has promised to reduce marginal tax rates, cut taxes, and allow businesses to expense new investments rather than deducting interest costs. In Canada, meanwhile, we await a new federal budget. What happens in the U.S., however, is relevant and could shape future taxation policies in Canada.