Prime Minister Justin Trudeau's government will continue to collect a modified capital gains tax, the finance ministry said on Tuesday, after the proposed measure was thrown into limbo when Trudeau suspended parliament.

When Parliament was prorogued, all bills and motions that had not yet received royal assent were essentially killed. So why is the Canada Revenue Agency charging higher capital gains taxes that were never formally adopted by Parliament?

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Despite the current prorogation, the finance department says the CRA will issue taxpayer forms in accordance with the proposed capital gains rules by January 31. The department says the CRA will stop administering the policy if Parliament resumes and the government signals it will no longer proceed with the proposed changes.

With capital gains tax increasing since the Autumn Budget, investors are turning to tax wrappers like SIPPs and ISAs to shield their wealth

In simple terms, a capital gains tax is a tax imposed on the sale of an asset by an individual or business. However, there are some exclusions that you should keep in mind.

Whether Parliament is prorogued or dissolved, the agency generally continues to administer proposed legislation

The Canada Revenue Agency expects Canadians to adhere to a proposed capital gains tax increase – despite the fact the measure may never be passed into law.