Canada recently announced a significant change to its capital gains taxation framework. Effective June 25th, the capital gains inclusion rate, representing the portion of capital gains subject to taxation, will rise from 50 percent to 66 percent. The change will apply to those with more than $250,000 in capital gains in a year as of June 25.
For individuals who realize significant capital gains, this change heralds a shift in their tax obligations. Those with more than $250,000 in capital gains in a year will now find a larger portion of their gains subject to taxation. Previously 50 percent inclusion rate, they must now contend with a 66 percent rate, translating to a higher tax liability. This adjustment prompts a reconsideration of investment strategies and financial planning, as investors navigate the altered tax landscape.
I've had quite a few calls this week, people asking if we can sell their property prior to June 25. There is still time to get your home listed, contact me today for more information.
If you're thinking about selling - Utilize our complimentary Canmore home value calculator - Receive a complimentary home evaluation report, providing insights into your home's current market value! https://rem.ax/2024CanmoreHomeEvaluation
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Richard Greaves Broker/Owner
RE/MAX Alpine Realty
403-688-7629
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