Our submission to the Standing Committee on Finance (FINA) on its study of “Changes to Capital Gains and Corresponding Measures Announced in Budget 2024” explains that the true measure of their impact must consider other tax changes that have been implemented since 2018. We also note that the Budget 2024 capital gains proposals add to and exacerbate the already heavy burden of tax complexity and costs for small business owners. Ultimately, we recommend that the federal government commission an expert panel to review the tax rules governing small business taxation with a view to harmonizing the treatment of various types of businesses, reducing compliance costs and creating a more fair, coherent and integrated approach to their taxation.

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