An overview by Borden Ladner Gervais, Taxand Canada
Earlier this month, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, introduced a notice of ways and means motion (the NWMM) to implement the changes in the taxation of capital gains as announced in Budget 2024.
As of June 25, 2024 (the Effective Date), the capital gains inclusion rate (the portion of a capital gain that is included in a taxpayer’s income) will increase from one-half to two-thirds on, (1) all capital gains realized by corporations and trusts, and (2) capital gains realized each year above $250,000 by individuals (this $250,000 is reduced by the amount of certain favourably-taxed stock option benefits received in the year).
Pamela Cross and Steve Suarez from Borden Ladner Gervais, Taxand Canada, provide an overview of the key takeaways here.