Budget 2024: Changes to Capital Gains Taxation
Proposed Increase in Capital Gains Tax Rate
In Budget 2024, the federal government announced changes to capital gains taxation to make Canada's tax system fairer. These changes include an increase in the capital gains tax rate in certain cases.
Impact on Canadian Taxpayers
Only 0.13% of Canadians with an average annual income of $14 million will pay more on their capital gains. The federal government projects that 28.5 million Canadians will not have any capital gains income next year while three million others are.
The federal government's 2024 budget proposes changes to how capital gains are taxed, which could see the wealthiest Canadians pay up to double the current rate on certain types of investments.
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