ARTICLE · 01 NOVEMBER 2020

Should Canada Have A Wealth Tax: Lessons Learned

O'Sullivan Estate Lawyers LLP

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In my prior blog of March 3, 2020, "Inheritance Tax, Wealth Tax and More Capital Gains Tax: The Future of Canadian Taxation", I raised the issue of whether new forms of tax might be introduced on the Canadian scene, including an inheritance tax or an annual wealth tax.

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Margaret O'Sullivan

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In my prior blog of March 3, 2020, "Inheritance Tax, Wealth Tax and More Capital Gains Tax: The Future of Canadian Taxation", I raised the issue of whether new forms of tax might be introduced on the Canadian scene, including an inheritance tax or an annual wealth tax. My blog pre-dated the tsunami that hit only a few weeks later when Covid-19 shut down the economy. Several months have now passed and have made these issues only more relevant and top of mind.

Although governments may be loathe to introduce new forms of tax too soon for concern it will put a chill on a fragile economy, in order to pay for the enormous public debt brought about by Covid-19, more tax and possibly new types of tax appear to be on the horizon.

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