The prorogation of the Canadian parliament on 6 January 2025 has nullified legislative bills that had not already received royal assent, including one that increased the capital gains inclusion rate from one-half to two-thirds from 25 June 2024.
The Bill, affecting annual realised capital gains above CAD250,000 for individuals and all capital gains realised by corporations and most trusts, was introduced as part of Budget 2024. It included a fixed retrospective effective date of 25 June 2024, which was still in the text of the measure when it was introduced into parliament in late 2024......
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