YouTuber who interviewed Trudeau pushes back after PM’s capital gains tax hike defence
Days after Justin Trudeau promoted an interview of himself with finance YouTuber “The Plain Bagel,” the host felt compelled to correct the Prime Minister’s explainer video of his capital gains tax hike.
Trudeau said Monday in a video posted to X that his tax increase would only affect the wealthiest in Canadian society.
“The very richest people are going to profit a little less off their assets,” Trudeau said. “Only 0.13% of Canadians, to be exact. These are people who have an average income of $1.4 million a year, and they’re mostly in their 60s or older.”
Instead of taxing people who make $250,000 or more in capital gains for half of their income, he will make them “pay their fair share” by taking two-thirds.However, Richard Coffin, a self-proclaimed “finance nerd” who runs The Plain Bagel, pointed out a discrepancy in Trudeau’s explanation. The YouTuber noted that even the Liberals’ budget states the tax will not solely target the top 0.13% of Canadian earners.
“Yes, this does primarily target wealthier individuals with the $250,000 threshold, but there are cracks where the middle class can fall through,” Coffin said. “For one, the 0.13% (according to the budget) is how many people are affected per year, not how many people will ever see an impact. Estate transfers are one area someone outside the 1% could see an impact.”
Coffin also pointed out that Trudeau’s figure doesn’t include beneficiaries of trusts and corporations who are also captured by the tax increase without the $250,000 threshold.
“Self-employed individuals who have used corporations for retirement savings will likewise be impacted. That includes doctors, but also electricians, plumbers, and other individuals who may need to incorporate to do their job,” he said. Continue…