Regarding Area MP says federal budget misses key support, Town of Innisfail Mayor Jim Romane discussed the issue of COVID expense and cost of government-supported child care.
He said, "I do not know where they are going to find all the money. They might give some but they will be taking it back at income tax time."
Many of us have wondered how the Liberal government is going to pay for all the money they have borrowed. In the past, they raised the goods and services tax (GST). That did not work well for them, so we do not expect that again. The disadvantage for them is that the GST is highly visible and we all know when it is changed.
This time around they have done something so sneaky, so invasive we did not see it coming. Many people will not notice it until certain events transpire.
The bottom line is that they intend to raise a lot of money through capital gains tax. That is, you buy a boat, then sell it for a profit. Capital gains tax possibility is incurred. Anything you sell for a profit is subject to causing a tax liability. The tax guide T4037 for 2019 taxes is 21 pages long whereas the 2020 guide is 50 pages long. So for 2020, the Canada Revenue Agency is getting more serious about collecting tax from everyone. So if we do not like capital gains, then we all need to complain about it to all the members of Parliament we can.