These tips for Canadians may help them prepare for June 25, assuming that the proposals will become law as the government has promised
Whether it’s a cottage or other real estate, there are ways to trigger capital gains without giving up control or use of your assets during your lifetime.Crickets chirping is the only sound coming from the Department of Finance these days on the matter of the proposed capital-gains tax changes.
Assuming that the proposals will become law as the government has promised, what should Canadians do to prepare? Since we’re at the ninth hour and heading toward June 25, here are some ideas.The changes stand to impact those with corporations more than anyone else. Unlike individuals, corporations will face tax on two-thirds of all capital gains . And this will impact the “capital dividend account” of a corporation.
If you own a corporation that is likely to dispose of an asset for a capital gain some time in the next several years, you should at least consider triggering the gain before June 25, 2024, to maximize your CDA.
Tim Cestnick, FCPA, FCA, CPA, CFP, TEP, is an author, and co-founder and CEO of Our Family Office Inc. He can be reached at
Years Cda Capital Corporation Asset Capital Gain Rate Department Of Finance CDA CFP
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