Canada's capital gains tax has been increased as of June 25, 2024, despite a bill proposing these changes not passing through Parliament due to Conservative opposition. The government argues the increase targets the wealthy and incentivizes entrepreneurs. While the bill needs parliamentary approval, the Canada Revenue Agency (CRA) can implement the hike now as it was tabled as a ways and means motion, ensuring consistency and fairness for all taxpayers. Forms for filing under the new rules will be issued by January 31, 2025.
and introduced as a ways and means motion in the House of Commons in June. The bill did not pass due to pushback from the Conservatives. of the wealthy population. According to the government, the inclusion rate would be increased from one-half to two-thirds for any Canadian individual or corporation that makes over $250,000 per year in capital gains.
However, that doesn't guarantee a smooth passing of the capital gains tax bill. Efforts could be squandered if the Liberal government doesn't survive aThere is a catch to all of this.
The CRA generally continues to administer proposed legislation consistent with its established guidelines even when Parliament is prorogued or dissolved, added the spokesperson.
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