Canadian Prime Minister Mark Carney fulfilled his promise to cancel a planned increase in Canada’s capital-gains tax, just before he is expected to call a snap election for either late April or early May.

The start of the Government of Canada's planned federal capital gains tax hike will no longer be deferred, as it will now be cancelled.

Canada will cancel a proposed tax increase in the capital gains inclusion rate, Prime Minister Mark Carney's office said on Friday, bringing an end to a tax measure that had been widely criticized by industry.