Prorogation throws capital gains tax changes in limbo
Global News
Justin Trudeau's decision to step down and prorogue Parliament will keep his government from implementing its proposed changes to capital gains for now.
Justin Trudeau’s decision to step down and prorogue Parliament will keep his government from implementing its proposed changes to capital gains for now, but Canadians might not be off the hook with tax collectors just yet.
The changes would 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.
The changes were announced in the government’s April budget, and subsequently introduced as a notice of ways and means motion. Those changes did not pass due to the gridlock in Parliament over Conservative demands for documents related to alleged misspending in the government’s green technology fund.
Proroguing clears the parliamentary order paper, meaning bills and motions would have to be reintroduced after the House of Commons resumes.
That process could be delayed or completely scuttled if the Liberals don’t survive a non-confidence vote widely expected soon after a new parliamentary session begins on March 24.
However, the proposed capital gains changes have a wrinkle because of the ways and means motion, said Larry Nevsky, the head of law firm Dentons’s tax group in Toronto.
“Only a minister can propose a ways and means motion and once this is done, the government is protected and may collect the revenue through taxes,” he said in a Monday post on LinkedIn.
“The mere tabling of the ways and means motion parliamentary convention provides temporary authority to impose taxes effective immediately.”
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