Capital gains tax legislation coming before summer break, Freeland says

The Liberal government will introduce legislation to implement its proposed changes to the capital gains tax before the House rises for the summer break, Deputy Prime Minister and Finance Minister Chrystia Freeland said Tuesday.Deputy Prime Minister and Minister of Finance Chrystia Freeland says the changes to capital gains taxes she announced in the federal budget will get their enabling legislation before the House of Commons rises for the summer.

"In the coming weeks and certainly before the House rises, we will begin the legislative process to implement our increase in the inclusion rate," she saidThe change was detailed in the budget's tax annex, which means the Canada Revenue Agency can enforce the change provisionally until the legislation passes.

A spokesperson for Poilievre told CBC News Tuesday that because legislation has yet to be introduced to the House, his position has not changed since last week. Once the changes are implemented, 50 per cent of the first $250,000 in capital gains an individual taxpayer earns will be taxed. For every dollar beyond $250,000, two-thirds will be taxable.The 2024 budget maintains the existing exemption for capital gains from selling a principal residence. It also retains an existing lifetime capital gains tax exemption on the sale of small business shares, and farming and fishing property.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Freeland says capital gains proposal will be tabled before summer breakOTTAWA — 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.
Source: PGCitizen - 🏆 65. / 51 Read more »

Freeland says capital gains proposal will be tabled before summer breakOTTAWA — 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.
Source: SooToday - 🏆 8. / 85 Read more »

Freeland says capital gains proposal will be tabled before summer breakThe 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 tabled last month
Source: globeandmail - 🏆 5. / 92 Read more »

Freeland says capital gains proposal will be tabled before summer breakOTTAWA — 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.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »

Freeland says capital gains proposal will be tabled before summer breakOTTAWA — 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.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »

Freeland says capital gains proposal will be tabled before summer breakOTTAWA — 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.
Source: timescolonist - 🏆 15. / 75 Read more »