These tips for Canadians may help them prepare for June 25, assuming that the proposals will become law as the government has promised
Crickets chirping is the only sound coming from the Department of Finance these days on the matter of the proposed capital-gains tax changes. We can only hope the proposed changes were just a bad joke because we haven’t seen legislation yet explaining how the rules will work, and the changes are supposed to be effective in less than three weeks – on June 25.
1. Corporate owners: 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. The CDA is increased by the tax-free portion of capital gains realized, and this CDA balance can be paid out as tax-free capital dividends to shareholders.
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Consider these last-minute planning ideas before capital-gains tax changes arriveThese tips for Canadians may help them prepare for June 25, assuming that the proposals will become law as the government has promised
Read more »
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