Jan. 15, 2025
Medical associations call for scrapping capital gains inclusion rate increase
The presidents of national, provincial and territorial medical associations are once again calling on the federal government to waive the unapproved increase in the capital gains inclusion rate for medical professional corporations.
“On behalf of Canada’s physicians, we urge the government to order the Canada Revenue Agency to stop collecting capital gains tax on medical corporations at a higher inclusion rate than before, and therefore to clarify the situation by abandoning this harmful tax measure,” the presidents of Canada’s 10 medical associations said in a letter to Finance Minister Dominic LeBlanc.
“The changes to the capital gains inclusion rate have resulted in a retroactive increase in retirement savings taxes for mid- and late-career recipients, and will be a drag on recent graduates considering community medicine. In addition, unlike individuals, physicians do not benefit from the $250,000 exemption threshold; the tax increase applies from the first dollar of capital gains.
“With 6.5 million Canadians without access to a primary care provider on a regular basis, emergency departments are constantly overwhelmed, and surgical backlogs are commonplace, we must not create additional barriers that will add more stress to health care workers or deter some physicians from practising in Canada.”
The letter to the federal government was signed by the presidents of the following associations: Canadian Medical Association, Alberta Medical Association, Doctors of BC, Doctors Manitoba, Doctors Nova Scotia, New Brunswick Medical Society, Newfoundland and Labrador Medical Association, Ontario Medical Association, Saskatchewan Medical Association and Yukon Medical Association.
To read this letter in its entirety, Click here.
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