The Federal Budget 2024 introduced a significant change to the current capital gains inclusion rate. Since 2000, individuals have generally had a fixed inclusion rate of 50% of any capital gain, which is taxable at your marginal tax rate. This, however, will be subject to the newly legislated change regarding the inclusion rate.
As of June 25, 2024:
- Corporations and trusts will be taxed on all capital gains at an inclusion rate of 66.7%.
- Individuals will be taxed at a 50% rate on gains up to $250,000 and at 66.7% of any residual gain thereafter.
If you have any real estate that is capital property, not a principal residence, and has accrued and unrealized capital gains, consider accelerating the realization of these gains before the June 25th cut-off date. I recommend speaking to your accountant or tax professional to see how this change to capital gains may affect you.
Are you looking to buy or sell a home? Please call me at 250-884-3980, and I can provide you with the expert guidance and assistance you need to make informed decisions and achieve your housing goals.
First-Time Home Buyer?? Call me at 250-884-3980 to chat about the ZERO-DOWN FINANCING OPPORTUNITY! *Some exceptions apply*
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