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.
