The Canadian Chamber of Commerce is urging Ottawa to provide certainty to Canadians about the capital gains tax and to instruct its tax agency to refrain from implementing any changes until after an election has taken place.
The tax was part of a ways and means motion introduced by the Liberal government. It passed in the House of Commons last June. A ways and means motion proposes that a particular financial measure be considered by the House.
The motion requires Canadian companies to pay taxes on 66.7 percent of their realized capital gains, up from the previous 50 percent. Individuals will be required to pay tax on 50 percent of the first $250,000 of capital gains they earn, and 66.7 percent on any monies above that….