Get Ready for Increased Capital Gains Tax in Canada
Update on Proposed Changes
The federal government has proposed increasing the capital gains inclusion rate from 50% to 66.67% for individuals with capital gains exceeding $250,000.What Does This Mean for You?
Currently, only 50% of capital gains are taxable in Canada. Under the proposed changes, individuals with substantial capital gains will pay tax on a larger portion of their earnings. The taxable gain will be added to your income for the year, potentially increasing your overall tax liability.
Understand Capital Gains and Losses
Capital gains or losses occur when you sell or are deemed to have sold an investment or asset at a price higher or lower than your purchase price. Visit this guide to learn more about capital gains and losses in 2023.
Calculate Your Capital Gains Taxes
Use this tool to calculate your capital gains taxes and average capital gains tax rate for any year between 2021 and 2024.
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