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CVMA Responds to Conservative Plan to Reverse Capital Gains Tax
January 16, 2025
The Canadian Veterinary Medical Association (CVMA), representing over 16,000 dedicated veterinarians across the country, would like to extend its sincere thanks to the Honourable Pierre Poilievre and the Conservative Party of Canada for their unwavering commitment to reversing the proposed increase to the capital gains inclusion rate, as outlined in the 2024 Federal Budget.
The CVMA has been actively engaged in advocacy on Parliament Hill to reverse the capital gains changes and deeply appreciates the Members of Parliament who we met with and who continue to lead the fight against these changes. Particularly after the House of Commons was prorogued, the unclear guidance from the Canada Revenue Agency has brought uncertainty to our members and their tax planning.
Veterinarians play a critical role in safeguarding the food supply and the health and well-being of millions of animals and their owners, while also contributing significantly to the Canadian economy as small business owners and innovators. The proposed tax hike posed a grave threat to the economic sustainability of veterinary practices, jeopardizing access to care, stifling innovation, and exacerbating existing challenges, such as the ongoing labour shortage in our profession.
We sincerely appreciate the Leader of the Official Opposition for standing with veterinarians for a more equitable and competitive tax regime, and we call on all parties to advocate against tax measures that harm small businesses and the clients we serve. We are deeply grateful for this leadership and remain committed to working collaboratively with all levels of government to address the challenges facing our industry.
Together, we can ensure Canadian veterinarians continue to deliver the high-quality care and services our communities and their animals depend on.
Further information:
Economic Impact: The livestock and poultry industries contribute over $37 billion annually to the Canadian economy, and the pet industry contributes $9 billion. (Sources: AAFC, Pets Canada)
CVMA Pre-Budget Submission in Advance of the 2025 Federal Budget: https://www.canadianveterinarians.net/media/swemhu14/cvma-pre-budget-august-2024_aug_02_final.pdf