Capital gains: CRA to continue with changes, finance dept. says [Video]

The federal government says the Canada Revenue Agency will continue to administer the capital gains tax, even though it hasn’t passed in Parliament, which is prorogued until March 24.

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.

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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.

Despite the current prorogation, the finance department says the CRA will issue taxpayer forms in accordance with the proposed capital gains rules …