Understanding the Changes to Capital Gains Taxes in Canada

Canada is about to see some significant changes in how capital gains taxes are handled, starting June 25, 2024. Whether you're an investor, a homeowner, or a business owner, it's essential to grasp these changes and take steps to adapt your tax strategy accordingly.

What's Changing?

Beginning June 25, 2024, the government will be taking a larger portion of the profits made from selling assets. Currently, they take half, but soon they'll take nearly two-thirds if your gains exceed $250,000. This means more of your profits could be eaten up by taxes. It's worth noting that this adjustment applies only to individuals; corporations and trusts will also be subject to the higher rate on all gains.

Why Does This Matter?

These changes could impact how much money you ultimately pocket from your investments or asset sales. However, with some foresight and planning, you may be able to mitigate their impact.

How We Can Help:

With over 25 years of experience in tax matters, we're well-equipped to assist. We can review your situation and advise on optimal timing for selling assets, explore strategies for deferring taxes, and develop personalized tax plans tailored to your needs.

Act Now:

The clock is ticking to take advantage of the current, lower tax rates. It's crucial to start planning now to minimize the impact of these impending changes. Whether you're an individual investor or a business owner eyeing a sale, proactive planning can make a big difference.

We're Here to Assist:

Our team of tax professionals is ready to help you navigate these changes and devise a tax strategy that aligns with your goals and the new regulations. Don't hesitate to reach out to schedule a consultation and get ahead of the

Ravinder Makkar

Chartered Professional Accountant

905-791-6666

We professionally assist in following types of Audits:

Corporate tax HST Payroll Networth WSIB Business income v/s Capital gain * Asset Verification, etc.

* The above information is general information, does not apply to all client situations and is situation specific.