The federal government says the Canada Revenue Agency will continue to administer the capital gains tax, even though it hasn’t passed in parliament, which is prorogued until March 24. Prime Minister Justin Trudeau speaks with media outside Rideau Cottage, Monday, Jan. 6, 2025 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
The federal government says the Canada Revenue Agency will continue to administer the capital gains tax, even though it hasn’t passed in parliament, which is prorogued until March 24. Prime Minister Justin Trudeau speaks with media outside Rideau Cottage, Monday, Jan. 6, 2025 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
The federal government says the Canada Revenue Agency will continue to administer the capital gains tax changes proposed in the budget last year, even though they haven't passed in Parliament, which is prorogued until March 24.
The Finance Department says parliamentary convention dictates that taxation proposals such as the capital gains taxation measures the Liberals introduced last year are effective as soon as the government tables a notice of ways and means motion.
The Liberals tabled in September a notice of a ways and means motion that introduced a bill meant to raise the portion of capital gains on which companies pay tax to two-thirds from one-half. The policy would also apply to individuals with capital gains earnings above $250,000.
Despite the current prorogation, the Finance Department says the CRA will issue taxpayer forms in accordance with the proposed capital gains rules by Jan. 31.
The department says the CRA will stop administering the policy if Parliament resumes and the government signals it will no longer proceed with the proposed changes to capital gains taxation.
The department’s update on capital gains comes a day after Prime Minister Justin Trudeau announced his resignation and the proroguing of Parliament, which wiped the House of Commons docket of bills and motions that had yet to receive royal assent and caused confusion around the capital gains proposal.
This report by ºÃÉ«tvwas first published Jan. 7, 2025.
The ºÃÉ«tv Press. All rights reserved.
Get the latest from ºÃÉ«tvNews in your inbox. Select the emails you're interested in below.
Most ºÃÉ«tvs grow up with the dream of owning their own home—a milestone that me…
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Tax: | |
| Today's total: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
