OTTAWA, ON, Jan. 15, 2025 /CNW/ – The presidents of national, provincial and territorial medical associations are once again calling on the federal government to halt an unapproved increase to the capital gains inclusion rate for medical professional corporations.
“On behalf of Canada’s doctors, we urge government to direct the Canada Revenue Agency to stop collecting taxes on capital gains from medical corporations at a higher inclusion rate, providing much needed clarity and abandoning this harmful tax measure,” reads a letter addressed to Finance Minister Dominic LeBlanc from the presidents of 10 medical associations across Canada.
“Changes to the capital gains inclusion rate have caused a retroactive increase in tax on the retirement savings of mid- to late-career doctors and will serve as a disincentive for new graduates considering community-based practice. And unlike the rules for individuals, there is no $250,000 capital gains exemption for physicians. This increased tax applies to the first dollar.
“When 6.5 million Canadians do not have regular access to primary care, emergency departments are routinely overwhelmed and surgical backlogs are commonplace, we must not create more roadblocks that will add further stress to the health workforce or prevent prospective physicians from choosing to practise in Canada.”
The letter to the federal government was signed by the presidents of the Canadian Medical Association, Alberta Medical Association, Doctors of BC, Doctors Manitoba, Doctors Nova Scotia, the Ontario Medical Association, the New Brunswick Medical Society, the Newfoundland and Labrador Medical Association, Saskatchewan Medical Association and the Yukon Medical Association.
To read the full letter, please click here.
About the CMA
The Canadian Medical Association leads a national movement with physicians who believe in a better future of health. Our ambition is a sustainable, accessible health system where patients are partners, a culture of medicine that elevates equity, diversity and wellbeing, and supportive communities where everyone has the chance to be healthy. We drive change through advocacy, giving and knowledge sharing – guided by values of collaboration and inclusion.
SOURCE Canadian Medical Association
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