The Canadian government announced that the Canada Revenue Agency (CRA) will continue to administer the capital gains tax, despite Parliament being prorogued. The finance department stated that the policy will be effective as soon as the government tables a notice of ways and means motion.
The federal government stated that the Canada Revenue Agency (CRA) will continue to administer the capital gains tax , despite its non-passage in Parliament, which is prorogued until March 24. The finance department explained that parliamentary convention dictates that taxation proposals, like the capital gains tax ation measures introduced by the Liberals last year, become effective as soon as the government tables a notice of ways and means motion.
In September, the Liberals tabled a notice of ways and means motion that introduced a bill to increase the portion of capital gains on which companies pay tax to two-thirds from one-half. This policy would also apply to individuals with capital gains earnings above $250,000. Despite the current prorogation, the finance department stated that the CRA will issue taxpayer forms in accordance with the proposed capital gains rules by January 31. The department added that the CRA will cease administering the policy if Parliament resumes and the government indicates it will no longer proceed with the proposed changes to capital gains taxation. This update on capital gains follows a day after Prime Minister Justin Trudeau announced his resignation and the proroguing of Parliament, which cleared the House of Commons docket of bills and motions that lacked royal assent and caused confusion around the capital gains proposal
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