The federal government’s 2024 budget proposes changes to how capital gains are taxed, which could see the wealthiest Canadians pay up a bigger share of their returns.

The Liberals announced plans Tuesday to increase the inclusion rate on capital gains, which are the proceeds of the sale of an asset like a stock, income property or a business.

Under the proposal, annual gains realized above $250,000 for individuals would be taxed at a rate of two-thirds, up from the current 50 per cent. Any gains under that bar would continue to be taxed at the 50 per cent rate.

The changes would also apply to all capital gains realized by corporations and trusts, regardless of the $250,000 bar.