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.
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 January 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.Tara Deschamps, The Canadian Press
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada Revenue Agency to Administer Capital Gains Tax Despite Parliamentary ProrogationThe Canadian government intends to continue the administration of a proposed capital gains tax, even though Parliament is currently prorogued. The finance department asserts that parliamentary convention allows for the tax to be implemented upon the tabling of a notice of ways and means motion, which the Liberals did in September.
Read more »
Air Canada Targets 36% Revenue Surge by 2028, Fueled by Leisure Travel DemandAir Canada aims for a 36% increase in operating revenue by 2028, driven by strong demand for leisure travel both domestically and internationally. The airline anticipates a post-pandemic surge in air travel, with travelers prioritizing experiences over goods. Air Canada also forecasts adjusted EBITDA between $3.4-billion and $3.8-billion in 2025, exceeding analysts' expectations. The carrier plans to expand its network, focusing on routes to China and the Asia-Pacific region. Air Canada expects operating revenue of approximately $30-billion in 2028 with a core profit margin of 17% or greater.
Read more »
Prince George Eyes Hosting 2028 Special Olympics Canada Winter Games or 2030 Canada Summer GamesPrince George city council has unanimously voted to submit a letter of intent to host either the 2028 Special Olympics Canada Winter Games or the 2030 Canada Summer Games.
Read more »
Labour minister asks Canada Industrial Relations Board to step into Canada Post contract disputeLabour Minister Steven MacKinnon speaks at a press conference about the rail labour disputes between the Teamsters Canada Rail Conference, Canadian Pacific Kansas City and Canadian National Railway, in Ottawa on Thursday, Aug. 22, 2024.
Read more »
More than 180,000 Stanley-branded mugs recalled in Canada due to burn riskHealth Canada says it’s received three reports of this happening in Canada
Read more »
Canada’s top weather stories of 2024: Environment CanadaEnvironment and Climate Change Canada has released its list of the top 10 most impactful weather events of 2024.
Read more »