Canada’s construction industry concerned by the administration of an unlegislated capital gains tax increase
The Canadian Construction Association (CCA) is deeply concerned that the Canada Revenue Agency (CRA) has chosen to administer the capital gains increase, without having received full legislative approval.
OTTAWA, January 17, 2025
In April 2024, the federal government announced increases to the capital gains tax as part of the 2024 Federal Budget. Now, the CRA is administering the increase without proper legislation having been passed.
CCA joins many other stakeholders, federal leaders, and elected officials in expressing its concern that CRA would administer the increase without the proper passage of legislation and parliamentary oversight.
The capital gains tax is a counterproductive and discriminatory means of taxation. Higher capital gains taxes may discourage business owners and investors in the construction industry from launching innovative projects and investing in the infrastructure that Canada needs to build critical infrastructure, enable trade, and address the housing shortage.
CCA calls on the federal government to hold the administration of the capital gains tax increase until Parliament resumes, and the matter can be properly legislated.
Contact
Anthony Valenti
Manager, Media Relations
(613) 608-2716
[email protected]
Website
cca-acc.com
Social media
X: @ConstructionCAN
LinkedIn: Canadian Construction Association—Association Canadienne de la Construction
YouTube: ConstructionCAN
About the Canadian Construction Association
CCA represents more than 18,000 member firms drawn from 64 local and provincial integrated partner associations across Canada. CCA gives voice to the public policy, legal and standards development goals of contractors, suppliers and allied business professionals working in, or with, Canada’s institutional, commercial, industrial, civil and multi-residential construction industry.
The construction sector is one of Canada’s largest employers and a major contributor to the country’s economic success. The industry, 91 per cent of which is made up of small and medium enterprises, employs more than 1.6 million Canadians and contributes 7.5 per cent of Canada’s Gross Domestic Product.