Taxes
Canada — Tax: Wealth Tax (None)
Canada does not impose a wealth tax — there is no annual levy on an individual's net worth or total assets, at either the federal or provincial level. Various academic and political proposals for a wealth tax have been debated over the years, including pre-budget submissions and party platforms, but none have been enacted into law as of 2026. High-net-worth individuals are instead taxed via income tax, capital gains inclusion, and property taxes on real estate holdings; Canada also applies a departure/exit tax (deemed disposition of assets) on individuals who cease to be tax residents.
Key facts
- Canada has no federal or provincial wealth tax on net worth or total assets.
- Wealth tax proposals have been debated politically but none have been enacted as of 2026.
- High-net-worth individuals are taxed instead via income tax, capital gains inclusion, and property tax.
- Canada applies a departure/exit tax (deemed disposition) on assets when an individual ceases to be a tax resident.
Common mistakes
- Assuming Canada's exit/departure tax is equivalent to an ongoing wealth tax — it is a one-time deemed-disposition event on ceasing residency, not an annual levy.