Prime Minister Justin Trudeau will address the annual federal estate taxes summit, set for Oct. 28 in Ottawa, as the federal government faces a looming deadline to raise enough revenue to meet its $1.5-trillion fiscal plan.
Trudeau will discuss the issues that the federal estate taxation framework faces, including tax increases and how they could be offset by tax increases in provincial and territorial governments, the prime minister’s office said in a news release on Wednesday.
“I would like to acknowledge that as a prime minister, Mr. Trudeau has been a champion for the people of Canada, for families, for communities, and for the very real challenges that Canadians face,” Trudeau said in the release.
In recent weeks, the government has faced mounting criticism over the lack of progress in passing a new federal estate property tax and tax relief for foreign owners of Canada’s prime property. “
As a prime Minister, I have been clear that the government of Canada has to act in a responsible and balanced way, and that is why I will continue to fight to protect and protect the rights and property of Canadian families, and Canadians.”
In recent weeks, the government has faced mounting criticism over the lack of progress in passing a new federal estate property tax and tax relief for foreign owners of Canada’s prime property.
Last week, Trudeau met with Finance Minister Bill Morneau and his senior staff in Toronto, and in recent days, the Liberal government has been taking action to address the problem.
The federal estate income tax was created in 1988, to address growing demand from overseas buyers who wanted to buy large estates for investment purposes.
The tax was designed to offset the costs of federal estate sales tax, which was then imposed on overseas buyers.
It was designed in part to address concerns about the effect the tax could have on foreign investors in Canadian real estate.
The Canadian Taxpayers Federation, an advocacy group, argued in a letter last week that the tax should be eliminated entirely, and Morneau announced a series of measures to address its “significant” inequities.
The government is also facing a $500-million federal debt crisis.
Trudeau is expected to speak at the summit, but has yet to commit to a date.