The CRA will continue to administer capital gains tax changes during the review period

The Ministry of Finance says that the parliamentary conference stipulates that tax proposals such as the capital gains tax measures introduced by the Liberals last year are effective as soon as the government presents a notice of ways and means of movement.

The Liberals presented in September a notice of ways and means introducing a bill aimed at increasing the proportion of capital gains on which companies pay tax to two-thirds from one-third. The policy will also apply to individuals with net worth of more than $250,000.

The CRA will issue taxpayer returns no later than January 31

Despite the current review, the Department of Finance says the CRA will issue taxpayers’ returns in accordance with the proposed income tax rules by Jan 31.

The department says that the CRA will stop administering this policy if Parliament begins and the government shows that it will no longer continue with the proposed changes to the income tax.

The department’s review of capital gains comes a day after Prime Minister Justin Trudeau announced his resignation and a parliamentary hearing, which cleared the House of Commons’ docket of bills and proposals that had not yet been approved by the monarchy and created confusion over the capital gains proposal.

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