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Canada Delays Capital Gains Tax Increase Until 2026
BY Connect Newsroom, Jan 31, 2025 5:20 PM - REPORT AN ERROR
The Trudeau government had announced this tax increase in the April 2024 budget, originally set to take effect on June 25, 2024.(Photo: The Canadian Press)
The Canadian government has postponed the capital gains tax increase to January 1, 2026.
The Trudeau government had announced this tax increase in the April 2024 budget, originally set to take effect on June 25, 2024. However, it was not officially enacted by Parliament, even though the government began collecting the increased tax from the scheduled date.
People affected by this tax expressed concerns about whether they would have to continue paying the higher capital gains tax without formal legislative approval.
The bill failed to pass the House of Commons last year due to political deadlock and stalled again this year after Prime Minister Justin Trudeau prorogued Parliament. Finance Minister Dominique Leblanc, in a press release on Friday, confirmed the postponement of the increase to 2026.
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