capital gains The changes to how capital gains are taxed have been proposed as the government eyes ways to make up for some of theAccording to the federal budget, the inclusion rate — the portion of capital gains on which tax is paid — for individuals with more than $250,000 in capital gains in a year will increase to two-thirds from one-half.People realizing up to $250,000 in capital gains will continue to pay tax on 50 per cent of their capital gains .
“The good news is that these changes, which is an increase in the capital gains inclusion rate from 50 per cent to two thirds, will probably affect very few people,” said Jamie Golombek, managing director of tax and estate planning with CIBC Private Wealth.
John Oakey, vice president of taxation with Chartered Professional Accountants of Canada, said: “The average person is going to have difficulty generating more than $250,000 of capital gains in any particular year. So, this will be isolated to the more wealthy people who have the ability and the capital to do that.
He said people should also plan to manage their estates well ahead of time. The new rules mean there could be less value that can be passed on to children after death.
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