It depends on the nature of the gains and the size of the one-time gains in question. If the gain far exceeds the $1.25 million threshold, and the inclusion rate is higher than the 66% we're talking about, then the threshold we're proposing would take more money from high income earners. However, it would be different for people who realize a one-time gain, which can't be split. It must be said that many capital gains can be split. People are already splitting their capital gains from one year to the next. It's to their advantage because of the tax brackets.
Under the proposed reform, we can expect to see more capital gains splitting, and therefore more sales over several years. Yes, a number of people will have only one asset to sell in their lifetime, and they would be affected by the current reform, but they wouldn't be affected if the reform included an individual lifetime exemption.