Net wealth tax on Canadian resident economic families

Peter Julian, MP for New Westminster—Burnaby, requested that the PBO use his recent publication of a refined family wealth model to estimate the revenues of an annual net wealth tax on Canadian resident economic families equal to 1 per cent of net wealth above $20 million. All asset and liabilities are included in the net wealth tax base, except wealth won in lotteries. The PBO estimates 13,800 Canadian economic families would pay the net wealth tax and that the total net revenue of this measure would be $5.6 billion in 2020-21.
The time horizon for this costing is aligned to the PBO’s current Economic and Fiscal Scenario, although fiscal impacts can be expected in subsequent years.