This paper derives estimates of the revenue costs of lifetime capital gains exemptions. Since the exemptions provided a significant stimulus to realizations of capital gains for both shares and real estate, previously published 'tax expenditure' estimates overstate the revenue cost of these...

A net wealth tax for Canada is an intriguing but complex possibility. When most wealth took the form of immovable property, and tax administration was less sophisticated, net wealth taxes appealed to administrators because of the visibility of the tax base. This advantage has now largely...