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When does the capital gains tax inclusion rate increase take effect?

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Ottawa defers effective date of capital gains changes to 2026 and promises exemptions for the tax inclusion increase..
The article from MoneySense discusses the upcoming change in Canada's capital gains tax inclusion rate, which will increase from 50% to 66.67% for corporations and trusts, and for individuals on capital gains exceeding $250,000 annually. This change, effective from June 25, 2024, was announced in the 2024 federal budget. The article explains that this adjustment aims to make the tax system more progressive by ensuring that wealthier individuals and entities contribute more. It also provides insights on how this might affect financial planning, suggesting that individuals might want to realize capital gains before the change to benefit from the current lower rate. Additionally, the article touches on potential strategies for tax planning, such as using tax shelters or considering the timing of asset sales.

Read the Full MoneySense Article at:
[ https://www.moneysense.ca/save/taxes/when-does-the-capital-gains-tax-inclusion-rate-increase-take-effect/ ]