Poll shows that 76% of Canadians believe doctors should not be subject to a capital gains tax increase
Fifty-eight percent of Canadians are aware of the proposed capital gains tax from the 2024 budget, with 24% initially supporting it, as per Abacus Data. However, opinions changed when the impact on doctors was highlighted. Only 16% now support the tax as is, 33% want it stopped entirely, and 28% want exemptions for healthcare providers in community-based clinics.
Among the survey participants, 20% were undecided, while the remaining group expressed no clear preference.
Regarding the government’s plan to tax companies on 66.7% of their capital gains, up from 50%, individuals will be taxed on 50% of the first $250,000 of capital gains and 66.7% of any gain above that amount in the new system.
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The survey emphasized concerns that the tax changes could negatively affect the healthcare system and access to healthcare providers, according to Mr. Coletto.
Between April 30 and May 1, 29% of the 1,500 respondents believed the changes would lead to longer wait times for family physicians.
CMA Pushback
Following the survey, the Canadian Medical Association (CMA) expressed worries that the tax proposal in the 2024 budget would hinder physician retention and recruitment.
Ottawa defended the tax changes as beneficial for younger Canadians, affecting only 0.13% of the population and 12.6% of businesses.
However, the CMA remains “deeply concerned” about the implications for physicians.
According to the agency, “Many community physicians have incorporated their practices to streamline healthcare delivery, lacking access to benefits or pension plans. They depend on professional corporations for financial planning.”
The capital gains tax increase is projected to generate $19.4 billion in government revenue over the next five years, as per federal estimates.
