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THE IMPACT OF THE CAPITAL GAINS TAX ON BOND YIELDS

In this paper a theory is developed on the manner in which bond yields will adjust in response to a change in the capital gains tax rate. The theory is then subjected to empirical verification by examining the yield adjustments which took place in the Government of Canada bond market at the time a gains tax was announced in a government White Paper. In general, the theoretical constructs are supported by the empirical evidence.