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Canada to maintain capital gains tax collection despite parliamentary suspension

share-iconPublished: Wednesday, January 08 share-iconUpdated: Wednesday, January 08 comment-icon10 months ago
News sources:
REUTERS
Canada to maintain capital gains tax collection despite parliamentary suspension

Credited from: REUTERS

  • Canada's finance ministry confirmed the ongoing collection of a modified capital gains tax despite Prime Minister Justin Trudeau's suspension of parliament.
  • The decision comes as Trudeau plans to step down as leader of the Liberal Party, leading to a suspension of parliament until March 24.
  • The proposed change aimed to increase the taxable portion of capital gains to two-thirds for high earners, although it has not yet passed in parliament.
  • The Canada Revenue Agency (CRA) will continue to apply tax measures until Parliament resumes and the government indicates a change.
  • The tax revenue is intended to contribute to affordable housing, with an expectation of raising C$19.4 billion over five years.

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A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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