Capital Gains Tax Changes Proposed in Budget 2024
Increased Inclusion Rate and Taxable Portion
The federal government has proposed a significant increase in the capital gains inclusion rate, from 50% to 66.67%. This means that two-thirds of capital gains above $250,000 for individuals will be subject to income tax.
In addition, the budget proposes to increase the taxable portion of capital gains above $250,000 for individuals. This change will ensure that more individuals pay fair taxes on their investment income.
These changes are part of the government's plan to make the tax system fairer and more sustainable. They are expected to generate additional revenue that will be used to fund important government programs and services.
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