Confidence vote on capital gains tax changes put on hold
The ways and means motion that paves the way to legislate a change to capital gains taxes was initially scheduled for this afternoon but is on hold as the House of Commons deals with some unrelated matters of privilege.
A confidence vote regarding a government budget motion may not occur on Wednesday, but the Liberals are still facing pressure as they confront a vote on a Bloc Québécois ultimatum.
The ways and means motion, which would facilitate a change to capital gains taxes, was initially planned for this afternoon but is currently on hold as the House of Commons addresses unrelated matters of privilege.
The capital gains inclusion rate was revised in June, and the motion before the House would enable the government to introduce legislation to formalize these changes.
Debates on matters of privilege do not have a specific timeline, so it remains uncertain when the ways and means vote can be rescheduled. However, the Liberals must make a decision this afternoon regarding a Bloc motion that requests royal recommendation for a bill aimed at increasing the old age security pension for seniors aged 65 to 75.
In 2022, the Liberals raised the pension by 10 percent for seniors over 75, and opposition parties have united in supporting the Bloc’s initiative to broaden this increase. It is estimated that this move would cost around $16 billion over five years.
Since it is a financial bill, the change cannot be implemented without the government’s support.
The Bloc has given the Liberals until October 29 to pass this bill, along with another one concerning the protection of the supply management system in international trade agreements. If this does not happen, Leader Yves-François Blanchet has stated he will begin discussions with other opposition parties about voting down the government.
