Freeland says capital gains proposal will be tabled before summer break
CTV
The Liberal government will bring its proposal to increase the inclusion rate on capital gains to the House of Commons before the parliamentary summer break, Finance Minister Chrystia Freeland said Tuesday.
The Liberal government will bring its proposal to increase the inclusion rate on capital gains to the House of Commons before the parliamentary summer break, Finance Minister Chrystia Freeland said Tuesday.
"In the coming weeks, and certainly before the House rises, we will begin the legislative process to implement our increase in the inclusion rate," Freeland confirmed during a news conference.
The finance minister announced the capital gains tax changes as part of her April budget, but left the new inclusion rate out of the budget legislation she tabled last month.
The Liberals must table a motion in the House of Commons before they bring forward the actual legislation.
The government says that even if a bill has not yet passed, the change will take effect on June 25.
The government proposes to make two-thirds of capital gains taxable. Currently, only one-half of the profits made on the sale of assets -- such as stocks or secondary real estate property -- are taxed.
The higher inclusion rate will apply to all capital gains realized by corporations, while individuals will only face the higher inclusion rate on capital gains of more than $250,000.
After U.S. president-elect Donald Trump threatened to impose a 25 per cent tariff on all Canadian imports on his first day back in the White House unless his border concerns are addressed, there is mixed reaction on whether Canada should retaliate.
Quebec Premier Francois Legault is putting pressure on the Montreal police to arrest everyone involved in an anti-NATO protest that turned violent last week.
The Alberta government is hitting back at the proposed federal emissions cap Tuesday afternoon.
Alberta Premier Danielle Smith says Donald Trump’s concerns about the border are valid, as the president-elect threatens sweeping tariffs on Canadian goods.
Prime Minister Justin Trudeau will be convening a meeting of all of Canada's premiers 'this week' to discuss U.S. president-elect Donald Trump's intent to impose a 25 per cent tariff on all products from Canada and Mexico on his first day in office, if border issues aren't addressed.
Mounties say they have dismantled a large drug distribution ring in Metro Vancouver, seizing automatic weapons and hundreds of kilograms of illicit cannabis.
A 21-year-old from southern Ontario has been charged with several offences after a victim from Greater Sudbury was tricked into giving him $20,000.
Ontario Premier Doug Ford is reacting to a threat from incoming U.S. president-elect Donald Trump to impose tariffs on imports from Canada, calling the proposal ‘insulting’ and emphasizing the need for leaders to work together on a response.
The B.C. government and business leaders across the province are urging President-elect Donald Trump to reconsider his promised 25 per cent tariff on all Canadian exports.
Saskatchewan Premier Scott Moe says if President-elect Donald Trump imposes a 25 per cent tariff on all products from Canada and Mexico it would have a disastrous effect on food security and energy across North America.
A Burlington, Ont. woman who allegedly sold fake tickets to Taylor Swift’s concerts in Toronto and scammed fans out of tens of thousands of dollars is facing charges, police say.