The Treasury says parliamentary convention requires tax proposals reminiscent of the capital gains tax measures the Liberals introduced last yr to take effect once the federal government submits a Ways and Means Notice.
In September, the Liberals tabled a motion introducing a bill aimed toward increasing the share of capital gains on which firms pay taxes from half to two-thirds. The policy would also apply to individuals with capital gains over $250,000.
The CRA will issue tax forms by January thirty first
Despite the present prorogation, the Treasury Department says the CRA will issue tax forms under the proposed capital gains rules by January 31.
The ministry says the CRA will stop administering the policy when Parliament resumes its work and the federal government signals it’ll not proceed further with the proposed changes to capital gains taxation.
The ministry’s update on capital gains comes a day after Prime Minister Justin Trudeau announced his resignation and prorogued Parliament, clearing the House of Commons docket of bills and motions that had not yet received royal assent and creating confusion over the capital gains proposal reigned.
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