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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.
CRA to issue taxpayer forms by January 31
Despite the current prorogation, the Finance Department says the CRA will issue taxpayer forms in accordance with the proposed capital gains rules by Jan. 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…
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– news.google.ca


