It’s clear the federal government has not thought through the impact the change will have
By now you’re no doubt aware that the government has announced increased taxes on capital gain s in certain situations. Specifically, the portion of capital gain s that are taxable – called the inclusion rate – is set to increase effective June 25, 2024, from 50 per cent to two-thirds. I won’t get into the details of the rule changes today , which has placed an unnecessary administrative burden on Canadians with very little tax revenue to show for it.
An election will help taxpayers who don’t understand what the changes mean for them. It will give them more time. If, for example, you’re an individual and can make an election to trigger a capital gain, this election would not happen until you file your tax return for 2024; the deadline would be April 30, 2025. So, you’d have until then
Those who are in the middle of transactions can avoid renegotiating closing dates and revising agreements that are already in place to take advantage of the current rules.
Tax Election Change Capital Capital Gain Gains Gain CFP FCA Chrystia Freeland
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