The Canadian Prime Minister proposed to impose capital gains tax on cryptocurrencies and stocks

ChainCatcher news, according to Finbold, Canadian Prime Minister Trudeau has proposed a new capital gains tax, which will range from 50% to 67%, depending on the taxpayer's income level. According to the Canada Revenue Agency website, common capital properties include villas, securities (such as stocks, bonds, cryptocurrencies, and mutual fund trust units), land, and buildings.

It is reported that starting from June 25, the proposed changes will affect individuals with annual capital gains exceeding CAD 250,000. Most earnings of corporations and trust companies will also face increased tax obligations.

In Canada, taxpayers do not need to pay taxes when purchasing or holding cryptocurrencies; however, capital gains or business income from cryptocurrency sales, mining activities, or other cryptocurrency-related transactions are taxed. Individual cryptocurrency holders must pay taxes on 50% of their total capital gains, while professional (day) traders must pay taxes on 100% of their profits.