Upcoming Changes to Canadian Capital Gains Tax in 2024
Budget Proposal Unveils Significant Revisions
Get ready for a shake-up in Canada's capital gains tax landscape! The federal government's 2024 budget has proposed sweeping changes aimed at overhauling the way capital gains are taxed for corporations, trusts, and individuals.
Key Points to Know
Here are the headline changes you need to know:
- Tax on Corporate and Trust Capital Gains: All capital gains earned by corporations and trusts will now be taxed at a rate of two-thirds.
- Inclusion Rate Increase: The federal government has proposed an increase in the inclusion rate from 50% to 66.67% on capital gains above a certain threshold.
- Lifetime Capital Gains Exemption Boost: The budget proposes a significant increase to the lifetime capital gains exemption for business owners.
These proposed changes are part of a broader effort to address concerns about tax fairness and to create a more equitable tax system. Stay tuned for further updates as the government moves forward with implementing these changes.
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