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Doctors ask Liberal government to reconsider capital gains tax change



The Canadian Medical Association voices concerns over proposed capital gains tax alterations, urging the federal government to reconsider its stance. With many doctors investing for retirement within their medical practices, the proposed changes could impose heavier taxes on these investments, potentially straining doctors' financial security, particularly those without a pension plan.


Kathleen Ross, President of the association, emphasizes the adverse impact on doctors, who often incorporate their practices. She highlights the potential consequences on recruitment and retention of physicians across Canada.


This plea from doctors adds to the growing dissent against the tax reforms, primarily targeting affluent individuals and businesses. The proposed budget suggests altering the inclusion rate for capital gains, aiming to tax two-thirds instead of half of the profit from asset sales.


Ross questions the government's portrayal of the change as equitable taxation across generations, noting its disproportionate impact on certain demographics. While the Liberal government argues for fairness between capital gains and employment income, Ross points out the disparity for doctors, who wouldn't benefit from the $250,000 exemption due to their investment structures.


The government's stance remains firm, presenting the change as a means to redistribute wealth and support essential services like housing and healthcare. However, Ross emphasizes that doctors predominantly invest within corporations, limiting their eligibility for exemptions.


The government's spokesperson defends the reforms, citing the need for fairness in tax rates. They stress the significant investments being made in healthcare and initiatives like student loan forgiveness to attract medical professionals to underserved areas.


Despite the government's rationale, the medical community's concerns highlight the complexities and potential ramifications of the proposed tax changes. As discussions continue, the impact on doctors' financial futures and the broader healthcare landscape remains a focal point of debate.


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