Justin Trudeau's government raises taxes on wealthiest Canadians in federal budget

Canadian Prime Minister Justin Trudeau’s government announced Tuesday it is imposing higher taxes on the wealthiest Canadians as part of the federal budget. The taxable portion of capital gains above $250,000 Canadian (US$181,000) would rise from half to two-thirds, which the federal government will only affect 0.1% of Canadians and raise nearly $20 billion Canadian (US$14.5 billion) in revenue over five years. Freeland presented the federal budget, which pledges $53 billion Canadian (US$38 billion) in new spending that she says is focused on economic justice for younger generations.