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“What kind of Canada do you want to live in?”: Freeland outlines changes to capital gains tax | FULL

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Deputy Prime Minister Chrystia Freeland outlined promised changes to the capital gains tax during an announcement in Toronto on Sunday.

Freeland said the proposed changes to the capital gains tax inclusion rate would be introduced Monday and come into effect on June 25.

Under the new rules, the government will raise the inclusion rate on capital gains [add space] — net profit from the sale of an asset like a stock or investment property — to 66.7 per cent for all corporations and trusts and for individuals making more than $250,000 in capital gains annually.

For individuals, any such gains made under that bar would continue to face the current inclusion rate of 50 per cent. Freeland also confirmed that Canadians would incur no tax on the sale of a principal residence.

The increase to the inclusion rate is expected to generate more than $19 billion in tax revenues over five years, which will help the Liberals pay for new spending on programs such as housing and national defence.

For more info, please go to https://globalnews.ca/news/10460205/capital-gains-tax-changes-separate-bill/#:~:text=Budget%202024%20proposed%20to%20raise,rate%20of%2050%20per%20cent.
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Category
U.S. & Canada
Tags
global news, capital gains tax, capital gains tax changes
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