The Structural Impact of the Capital Gains Deduction on the Canadian Tax System

James R. Wilson

Canadian Public Policy, 1995, vol. 21, issue s1, 206-224

Abstract: The lifetime capital gains exemption was introduced in 1985 with definite and relatively simple objectives. It was not, however, expected to simplify the income tax system. On the contrary, the introduction of the exemption was accompanied by many complex rules designed to implement it in a precise manner and to prevent its misuse. As the exemption gradually became more limited and targeted following its introduction, substantial complexities were added to the tax system, until the exemption developed into one of the most difficult and complicated areas of the tax law applicable to a broad range of individual taxpayers.

Date: 1995
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