Many people wish for lower tax bills and more money in their bank accounts. But a group of young, rich Canadians want the federal government to tax them more. About 200 wealthy people aged 18 to 40 belong to Resource Movement, an activist group that is expanding across Canada. Their mission is to reduce inequality between Canada’s wealthiest people and the rest of the population. Its members are advocating for the creation of two new taxes that would have a direct impact on their own bank accounts and those of their parents: a “wealth tax” on the richest 10 per cent of Canadians, and an inheritance tax on the top 10 per cent of estates. “A wealth tax will have no impact on my life. Montrealer Claire Trottier said in an interview with Radio-Canada. “No one’s going to cry for me if I have to give part of my inheritance.”
Disclaimer: In 2023, the median net worth of Canadian families was $519,700, with families aged 65 and older having the highest median net worth at $1,109,700. In contrast, families with children under 18 had a median net worth of $645,900, and one-parent families had a median net worth of $211,200 . These figures suggest that younger families, particularly those with children, tend to have lower net worth compared to older households.
