The Ultra-Rich Should Pay Their Share—So We Can Protect Health Care and Lower Costs for You « Canada’s NDP
MONTREAL— Jagmeet Singh says it’s time to draw a line: the wealthiest few shouldn’t get special treatment while working and middle-class Canadians pay the price—especially at a time when Donald Trump’s trade war is already driving up costs and threatening Canadian jobs.
“If you make your money flipping stocks, you should pay the same rate as someone who cares for patients, drives a truck, or teaches kids,” said Singh. “But Carney and Poilievre don’t see it that way—they want to roll back a change that mostly affects people making over $1.4 million a year, so the ultra-rich pay less while the rest of us pay more.”
In 2024, the federal budget made a modest fix: taxing a greater share of capital gains for those making over $250,000. It still leaves much of that income untaxed—but closed a loophole that let the ultra-rich pay lower tax rates than working people.
Now, Carney and Poilievre want to scrap that fix—creating a $19 billion hole in the federal budget, according to budget estimates. In Quebec alone, it would cost over $600 million—money that could fund hospitals, schools, and housing.
Capital gains are profits from investments—like stocks or real estate—not wages. Yet for decades, only half of that income was taxed, while every dollar from your paycheque was. That means the wealthier you are, the more likely you pay a lower tax rate than someone who works for a living.
“Canadians are already being squeezed by rising prices and Trump’s attacks on our economy,” said Singh. “We can’t afford another round of giveaways to the people who are doing just fine.”
Singh confirmed New Democrats will protect that revenue—and reinvest it where it counts:
- Universal pharmacare, starting with essential medicines
- A family doctor for every Canadian and more nurses and health care workers, to fix health care and reduce wait times
- National rent control to bring down housing costs
- Building millions of new homes people can afford
- A grocery price cap, to stop price gouging by corporate grocery chains
Even Carney’s future cabinet ministers once defended this tax change. Chrystia Freeland called it “an idea that everyone who cares about fairness should support.”
“They stood in Parliament and said the richest should pay their share so we can protect health care and build housing. Now they’re backing down the moment the ultra-rich push back—and the Liberals under Carney are falling in line,” said Singh.
While Poilievre pushes American-style cuts and chaos, Carney is quietly walking away from his party’s own commitments—planning $43 billion in cuts to the services families rely on, while reopening the door to more tax breaks for the ultra-wealthy.
“This isn’t complicated,” said Singh. “If you think the richest Canadians should keep paying less while you pay more, vote for them. If you think it’s time they paid their share—so we can lower your costs and protect health care—vote NDP.”
Because keeping Canada, Canada means protecting public health care, strong communities, and a tax system where everyone pays their share—so working people don’t pay the price.