If the government falls, the capital gains proposals will die. In tax law, it is very common for many technical tax changes to die when an election is called. But it is also very common for such tax technical changes to be reintroduced by the new government, even if the new government is being led by a different political party.
Why? Because such amendments are often technical clean-ups of the Income Tax Act and generally do not have broad-based application. In other words, most such amendments are not controversial. The capital gains proposals, however, do not fall into that category. They are broad-based and certainly controversial.
The Canada Revenue Agency (CRA) has a long-standing practice to administer tax laws based upon proposed measures. The tax community, including me, has long supported such a position given the non-controversial nature of most tax amendments.
Accordingly, the CRA has been administering the capital gains proposals as if they will become law. But the capital gains proposals are not simple technical amendments; they have broad and sweeping consequences for many Canadian taxpayers.
Put the top tier of CRA bureaucracy on notice that they’ll administer the tax from their new cubicles in Inuvik and watch them change their tune.
From most of the way down on the above link…
“Conservative Leader Pierre Poilievre being on record as saying his party does not support the proposals and this puts them on life support with very little brain activity.”
I think it’s important to note that the Conservatives do not support this, and as the next election is very likely to be mostly regards to carbon taxation and the related issue of the #Libranos having created the deficit which requires endless feeding…
Once Poilievre is elected, he needs to fire such taxation without representation or legislation Grit grifter goons.
Fire them all
Every
Damn
One of them
Canada.
Fire all of them and then piss off Kim Moody and his desire for a “progressive tax regime” and go to a flat federal tax rate, with a single rate.
Go to an actual flat tax. Not a flat rate. Flat rate is still a progressive tax (aka commie tax). Everyone starts paying $10,000 (base it on some economic marker or whatever to account for inflation) a year when they turn 21. You can have exceptions for the truly disabled etc (sore back, hang nail not exceptions).
It has to be some fixed amount that limits government to the original purposes of government (1: trial for fraud, assault, theft murder, and wearing blackface with meaningful sentences. 2: protect borders and 3: arts funding for liberals).
Just kidding about one of those.
Ps: just off the top of my head thinking. Open to reducing the amount. Ha. Maybe just have a sales tax of 10% or whatever to fund government. Leviathan needs to be severely curtailed.
A flat tax? That would be awful. Why, I live in a flat!
….Flat rate for everything…..and everyone, from dollar one. People should all feel the pain so they realize nothing is “free”.
I worked in Ottawa….I was in the “finance” field.
And the CRA…is filled with about 90% Liberal sycophants. And they the same tendencies. Every dollar you make…they make sure they get their cut.
SEND EVERY FILTHY CRA CORKSMOKER TO THEIR NEW OFFICE IN BAFFIN ISLAND