Canadian Prime Minister Justin Trudeau announces his resignation, pending the Liberal Party's selection of his successor. Despite Parliament being prorogued, the previously proposed capital gains tax changes, increasing the tax rate for gains exceeding $250,000 annually, remain effective.
Justin Trudeau said Monday he will step down as prime minister once the Liberal Party chooses his successor, announcing also that he had asked the governor general to prorogue Parliament. He added that the country deserves a “real choice in the next election” and he “cannot be the best option” if he has internal battles to fight.— how much of the proceeds from an asset’s sale are subject to tax — to two-thirds, up from 50 per cent, on all capital gains earned over $250,000 annually.
That inclusion rate would also rise to two-thirds for all gains made by corporations and many trusts. The changes were set to affect all capital gains realized after June 25, 2024. Capital gains can result from the sale of an asset like a stock or a secondary property such as a cottage, but Canadians’ primary residences remain exempt from capital gains taxes.The measures were billed as a way to improve tax fairness and were a pillar of the budget, allowing the Liberals to fund other proposed spending plans. The Liberals separated the capital gains tax changes from other items in the budget bill and tabled the proposals as a notice of ways and means motion in September. But the minority government failed to pass the formal legislation enshrining the capital gains tax changes in law amid a Conservative filibuster in the fall.A Department of Finance official told Global News in an email on Tuesday that the Canada Revenue Agency will continue to administer the capital gains changes as directed by the September tabling.“Parliamentary convention dictates that taxation proposals are effective as soon as the government tables a Notice of Ways and Means Motion; this approach provides consistency and fairness in the treatment of all taxpayers,” the official said in an email. That won’t change because of Parliament’s prorogation, but could be affected if an election is held and a new government is formed when the House of Commons returns in the sprin
Justin Trudeau Resignation Liberal Party Capital Gains Tax Prorogation
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