Hon. Clément Gignac: Senator Gold, the increased capital gains inclusion rate became effective on June 25, 2024. Last June, I expressed my surprise in this chamber that these important fiscal measures, which were adopted through a ways and means motion in the other place, were not included in the budget implementation act.

As senators know, this tax measure must be enshrined in law and ratified, because if Parliament were to be dissolved as a result of a confidence vote, this motion would no longer be effective, at least not according to case law and what happened in 1979 when Revenue Canada had to stop collecting the excise tax brought in by Joe Clark’s government.

Senator Gold, when will the Minister of Finance introduce this bill so that we can debate it?

Hon. Marc Gold (Government Representative in the Senate): Thank you for the question. My colleagues will recall that a notice of ways and means motion was tabled in June. I was informed that draft legislation was published this summer and that the bill will be introduced in the House of Commons this fall.

Senator Gignac: Senator Gold, people are speculating that this government will last until the holiday season. We’ll see what happens. Meanwhile, you know that this is going to create uncertainty on the financial markets. We’re talking about $7 billion in additional revenue that will be lost if the bill doesn’t pass before the government is eventually defeated on a confidence vote.

Senator Gold, could a pre-study be done to ensure that, as soon as the House of Commons studies the bill and sends it back to the Senate, we would then have enough time to hear witnesses and debate the bill without being pressured by the government?

Senator Gold: I’m always happy to find ways to ensure that the Senate can study bills thoroughly, and I would gladly speak with the other groups and their respective leaders regarding a pre-study. Unfortunately, all of that is out of my control.