Canadian Experience with the Taxation of Capital Gains

Stephen R. Richardson and Kathryn E. Moore

Canadian Public Policy, 1995, vol. 21, issue s1, 77-99

Abstract: The Canadian experience with the taxation of capital gains reflects the tension between two fundamentally different ways of viewing capital gains; the first based on the classic delineation of capital as a source of income and the second based upon a definition of income that attempts to be comprehensive. This paper reviews the history of capital gains taxation in Canada, from the early United Kingdom cases, through the Carter Commission and tax reform, to the lifetime capital gains exemption. This review of the Canadian experience suggests that income taxation based on extreme versions of either the classical concept or the comprehensive tax base is ultimately unacceptable or impractical or both.

Date: 1995
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