Curated News
By: NewsRamp Editorial Staff
September 23, 2024
2024 Federal Budget Brings Changes to Capital Gains Taxation in Canada
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- Take advantage of income splitting with spouse or selling liquid assets to avoid the 66.67% inclusion rate on capital gains.
- The 2024 Federal Budget increased the inclusion rate on capital gains earned in a corporation to 66.67% and provided tax planning opportunities for taxpayers.
- Seniors and taxpayers can benefit from tax planning strategies to avoid excessive capital gains taxes, ultimately easing financial burdens.
- The 2024 Federal Budget brought changes to capital gains taxes, providing opportunities for taxpayers to optimize their financial planning and investments.
Impact - Why it Matters
The news matters because it directly affects Canadian taxpayers who need to be aware of the increased tax rates on capital gains. Understanding the tax planning opportunities outlined by Mew + Company can help individuals, seniors, and corporations navigate the new inclusion rates and minimize tax liabilities. This news is especially important for those with significant capital gains, as it provides valuable insights into optimizing tax strategies in light of the 2024 budget changes.
Summary
The 2024 Federal Budget has brought significant changes to capital gains taxation, impacting Canadian taxpayers. The inclusion rate for capital gains earned in a corporation has increased to 66.67 percent, resulting in a 33.33 percent tax increase, while personal capital gains are taxed at a 50 percent inclusion rate for the first $250K. Mew + Company, a Vancouver-based Chartered Professional Accountants firm, highlights tax planning opportunities for individuals, seniors, and corporate tax planning in light of these changes.
Source Statement
This curated news summary relied on this press release disributed by 24-7 Press Release. Read the source press release here, 2024 Federal Budget Brings Changes to Capital Gains Taxation in Canada
