November 25, 2018

Forecasting which tax breaks may be axed

There’s plenty of speculation around what tax breaks will be eliminated by Canada’s federal government. Two popular tax breaks, which are viewed by many as sacred cows and could spell political disaster if they were altered, are: the tax-free sale of a primary residence and the tax free transfer of wealth upon death. This leaves the capital gains tax rate as the most likely target, given that there is a history of adjusting it. With that said, we’re reminded that this is all speculation.

“This will be the last budget before the next election, so the federal government will want to offer some tangible benefits to voters.”

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