May 2024
Hello everyone,
As announced in the last issue of VPG, here are some highlights of the capital gains tax rate increase announced in Minister Chrystia Freeland's latest federal budget.
As of June 25, every dollar above the $250,000 threshold will be taxed at 66.67% instead of 50% for individuals. Individuals will have two tax brackets: $0 to $250,000 and over $250,000.
In addition, the inclusion rate for entrepreneurs owning a management company or trust will be 66% from the first dollar.
This gain is added to annual revenues, as explained by an expert in
this article.
Ottawa estimates that this will raise more than $19 billion over five years. Some 40,000 Canadians will be affected by this increase, decried by several groups who fear for the economy.
Quebec was quick to align itself with the Trudeau government's decision.
It should be noted that this increase in the capital gain will not affect small homeowners who have seen the value of their home increase, as the sale of a principal residence is always tax-exempt.
Ottawa also gives a helping hand to entrepreneurs. In fact, the cumulative exemption for capital gains following the sale of a small business or agricultural and fishing property will increase from $1 million to $1.25 million starting this year.
See you soon!
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