- City: Toronto
The 2024 Canadian federal budget proposes changing the capital gains inclusion rate effective June 25, 2024. Corporations and trusts will face a two-thirds inclusion rate on all capital gains, while individuals will have a two-thirds rate on gains exceeding $250,000. This change impacts high-gain scenarios, especially for professional corporations and large real estate sales. Several tax planning opportunities exist, such as crystallizing gains via Section 85(1) rollovers or share exchanges, and using carryforward net capital losses. Readers should consult tax professionals due to the complexity and evolving nature of these changes.
For more information please visit - https://www.maroofhs.com/post/tax-alert-capital-gains-inclusion-rate-changes-and-planning-opportunities-canada/
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Maroof HS CPA Professional Corporation
4102-85 Queens Wharf Rd
Toronto, M5V 0J9, ON
Canada
(647)724-4308
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