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Finance Minister leaves door open for adjustments
Ottawa made no changes in the federal budget to the way capital gains are taxed, but Finance Minister Bill Morneau isn’t completely ruling out changes in the future.
When asked about possible changes to the way profits from selling off personal assets are taxed in the future, Morneau left the door open.
In an interview, the minister would only say that the government decided not to make changes in this week’s budget.
Rumours about a possible increase to capital gains taxes were widespread on Bay Street ahead of the budget on Wednesday.
Under the current rules, half of investors’ capital gains are included when calculating their income taxes.
Speculation had suggested that rate could increase to as much as two-thirds or three-quarters.
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