Wealth tax
Filed Under: Taxation
1 definition found for this term.
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Source:
Tax imposed either annually (annual net wealth tax) or at death (gift and inheritance or estate tax) on the net value of assets. Property taxes levied by provincial or municipal governments are a form of wealth taxation in Canada. With the general exception of a taxpayer’s principal residence, capital gains tax is assessed on the increase in value of assets upon the death of a taxpayer.