Capital gains tax legislation coming before summer break, Freeland says

The Liberal government will introduce legislation to implement its proposed changes to the capital gains tax before the House rises for the summer break, Deputy Prime Minister and Finance Minister Chrystia Freeland said Tuesday.

The increase in the «inclusion rate» — from one-half to two-thirds on capital gains above $250,000 for individuals — was first announced in the budget.

«In the coming weeks and certainly before the House rises, we will begin the legislative process to implement our increase in the inclusion rate,» she said

After announcing the increase, the Liberal government separated the capital gains tax change from its budget implementation bill and promised to introduce a separate bill that will require its own vote.

The change was detailed in the budget's tax annex, which means the Canada Revenue Agency (CRA) can enforce the change provisionally until the legislation passes.

Prime Minister Justin Trudeau said Thursday the tax change will take effect on June 25.

Conservative Leader Pierre Poilievre was asked last week whether he supports the tax change.

«There is no such increase,» he replied. «They've pulled that out of the budget.»

Freeland challenged Poilievre on that answer Tuesday, saying the Conservative leader has been «deflecting when asked about his position on» the capital gains change.

«It is important for Canadians to insist on a clear answer from the Conservatives on tax fairness and, I think, depending on what answer we get, Canadians will know whose side the Conservatives are really on,» she added.

A spokesperson for Poilievre told CBC News Tuesday that because legislation has yet to be introduced to the House, his position has not changed since last week.

«The legislation you are asking about doesn't