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Martin pledges increase to capital gains tax exemption

Last Updated: Monday, December 19, 2005 | 4:08 PM ET

CBC News
Liberal Leader Paul Martin said he will increase the lifetime capital gains tax exemption by 50 per cent to help small business owners and farmers.

The exemption would be raised to $750,000 from $500,000, Martin said during an election campaign stop at a furniture plant in Cambridge, Ont.

"Small business is the economic engine of Canada and it falls to government to make sure that engine is primed and that it's running smoothly," Martin said.

He said a larger capital gains exemption means more money for business owners to launch a new company, to pass on to their children or for their retirement.

Farmers will also be entitled to the exemption on qualified farm property, for example, farmland, buildings and shares of farm companies.

Voters go to the polls Jan. 23.

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