Upcoming Changes to Capital Gains Tax: What You Need to Know

Significant changes to the capital gains inclusion rate have been proposed in the 2024 federal budget, impacting individuals, trusts, and corporations. Starting June 25, 2024, 66.7% of capital gains will be included in income for tax purposes, an increase from the current 50%. This change could substantially raise taxes on investment gains. Seniors might see an impact on their retirement savings, and inheritance could face higher taxes on capital gains, reducing the value passed on to heirs.

For a detailed analysis and expert insights on these changes, read the full article here.

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