Federal government prorogues parliament – Tax implications

With the announcement by Justin Trudeau earlier this week to resign as Prime Minister, the Federal government will prorogue Parliament until March 24, 2025. The prorogation of Parliament results in the termination of this session, which brings to an end all proceedings before Parliament. Legislative bills which have not received Royal Assent before prorogation are terminated and must be reintroduced (or potentially reinstated) in the new session of Parliament in order to proceed. This publication outlines the impact of the prorogation of Parliament on several key tax proposals affecting individuals and Canadian private companies that have not yet been formally enacted.

Additional details can be found here.

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