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Tuesday, June 18 2024

 

 

What? Capital Gains Tax is Increasing in Canada?

Today, we're diving into an important topic that affects many Canadians – the new capital gains rules in Canada. Whether you're an investor, a homeowner, or simply curious about how these changes might impact you, stick around as we unpack what you need to know. First, let's quickly recap what capital gains are. In simple terms, a capital gain is the profit you make from selling an asset like stocks, bonds, or real estate for more than you paid for it. The government taxes these profits to generate revenue. But, the way these gains are taxed can change, and that's exactly what's happening now. Under the previous rules, 50% of your capital gains were included in your taxable income. For example, if you made a $10,000 profit on an investment, $5,000 of that would be taxed at your marginal tax rate. However, starting June 25, 2024 there's a new twist to these rules. The 2024 budget would increase the "inclusion rate" from one-half to two-thirds on capital gains above $250,000 for individuals. So in other words, for the first $250,000 in capital gains, an individual taxpayer would continue to pay tax on 50 per cent of the gain. For every dollar beyond $250,000, two-thirds would be taxable. If you found this video helpful, give it a thumbs up and don't forget to subscribe for more updates. If you have any questions or topics you'd like us to cover, leave a comment below. Thanks for watching, and see you next time!

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Bloom Accounting Services
New Westminster
Chilliwack
Canada
604.218.5119
info@bloomaccounting.ca

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