Canada PM Carney cancels proposed capital gains tax increase

OTTAWA (Reuters) – Canada will cancel a proposed tax increase in the capital gains inclusion rate, Prime Minister Mark Carney’s office said in a statement on Friday.

The federal government will also keep the increase in the lifetime capital gains exemption limit to C $1.25 million on sale of small business shares and farming and fishing property, the statement said.

(Reporting by Ismail Shakil and Ryan Patrick Jones)