Poll shows Canadians prefer spending cuts to capital gains tax hike

Author: Franco Terrazzano 2024/07/10

OTTAWA, ON: The Canadian Taxpayers Federation released Leger polling showing 54 per cent of Canadians want the federal government to cut spending instead of hiking capital gains taxes to reduce the deficit.

“The poll results are clear: a solid majority of Canadians want the government to cut spending instead of hiking capital gains taxes,” said Franco Terrazzano, CTF Federal Director. “This poll should be a wake-up call for the Trudeau government that Canadians want spending cuts to rein in the deficit, not tax hikes.”

The federal government recently increased capital gains taxes. A part of the rationale for the tax increase was to reduce the debt burden on future Canadians.

“Canada could finance these critical investments by taking on more debt, but that would place an unfair burden on younger generations,” Finance Minister Chrystia Freeland said. “Fiscal responsibility matters.”

However, federal spending and debt continues to increase.

The Leger poll asked Canadians if they would rather the government increase capital gains taxes or reduce spending to rein in the deficit. The results of the poll show:

  • 54 per cent prefer reducing spending
  • 23 per cent prefer increasing capital gains taxes
  • 23 per cent don’t know

Among those who are decided on the issue, 70 per cent of Canadians prefer reducing spending to increasing capital gains taxes.

“Canadians are sick and tired of the government’s tax hikes,” Terrazzano said. “Instead of hiking yet another tax, Prime Minister Justin Trudeau should listen to Canadians and look for ways to save money in his own budget.”

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Franco Terrazzano
Federal Director at
Canadian Taxpayers

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