2021 Election Platforms: Tax and Housing Measures Promises

The CRA has delayed the capital gains inclusion rate increase to January 1, 2026, requiring tax form revisions and causing filing delays. Relief from late penalties and interest is granted until June 2, 2025, for impacted T1 filers and May 1, 2025, for T3 slips. T5008 deadlines extend to March 17, 2025.

If you have foreign bank accounts, beware: CRA can reassess you for years and impose hefty penalties. In the case of Azmayesh-Fard v. The King, a taxpayer faced massive fines for not reporting a Swiss account. Protect yourself by reporting all foreign assets to avoid financial nightmares.

This article discusses the federal government’s proposed capital gains inclusion rate increase, the impact of Parliament’s prorogation on its implementation, the CRA’s interim approach, and the potential implications for taxpayers. It also explores political party stances, taxpayer options, and possible administrative relief measures.