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Liberal government takes first step toward changing capital gains tax

Finance Minister Chrystia Freeland has taken the first legislative step toward implementing her government's proposed changes to the capital gains tax.

The ways and means motion, the first stage before legislation is tabled, was introduced in the House of Commons on Monday. It's expected to be voted on later in the week.

The increase in the «inclusion rate» — from one-half to two-thirds on capital gains above $250,000 for individuals — was announced in the budget.

Freeland said Canada needs the revenue from the change to the capital gains tax to invest in things like pharmacare, dental care, child care and the green energy transition.

«The fair way to finance them is with tax fairness. That's what we're doing,» she said.

After announcing the tax change, the Liberal government separated the measure from its budget implementation bill and promised to introduce a bill that will require its own vote.

«I do think this is a moment when Canadians should be watching closely what happens in the House and watching closely to see how all MPs vote on this,» Freeland said.

Conservative Leader Pierre Poilievre's press secretary Sam Lilly issued a statement saying the capital gains changes are «a tax on health care, homebuilding, small businesses, farmers and people's retirements.»

Lilly said the measure is being introduced to pay for the «inflationary spending announced in the latest budget.»

Provinces should pay doctors more: Freeland

Since it was first announced, a number of groups have expressed concerns about the increase to the inclusion rate. Some doctors said the tax change could undermine efforts to recruit and retain physicians.

The Canadian Medical Association (CMA) has said doctors will be hit particularly hard by the hike because

Read more on cbc.ca