Capital gains tax changes are in limbo. But the CRA is collecting new charges anyway
When Parliament was prorogued, all bills and motions that had not yet received royal assent were essentially killed. So why is the Canada Revenue Agency charging higher capital gains taxes that were never formally adopted by Parliament?
Capital gains tax proposals weren't passed before prorogation but CRA to administer anyway
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.
Finance confirms CRA will administer capital gains tax changes
Whether Parliament is prorogued or dissolved, the agency generally continues to administer proposed legislation
CRA to collect increased capital gains taxes despite proposed hike not being passed into law
The Canada Revenue Agency expects Canadians to adhere to a proposed capital gains tax increase – despite the fact the measure may never be passed into law.
Canada to continue collecting capital gains tax despite parliament suspension, finance ministry says
Prime Minister Justin Trudeau's government will continue to collect a modified capital gains tax, the finance ministry said on Tuesday, after the proposed measure was thrown into limbo when Trudeau suspended parliament.
Canada to Enforce Capital-Gains Tax Increase Without Implementing Legislation
OTTAWA--To the ire of business groups, Canadian authorities intend to collect proceeds based on a higher capital-gains tax even though the Liberal government failed to pass implementing legislation before outgoing Prime Minister Justin Trudeau dissolved parliament.
Capital Gains Tax Rates for 2024-2025
Capital gains is the profit you make from selling a capital asset (real eastate, vehicle, collectibles etc) Learn about taxes occured and capital gains.
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