2024-May-09
GBA Weighs In on the Proposed Rate Increase for Annual Capital Gains
Proposed changes, set to take effect on June 25, 2024, would see the inclusion rate for capital gains rise to 66.7 percent for individuals realizing more than $250,000 in annual capital gains. The federal government says new capital gains tax changes will only affect the rich, but these changes could have a significant impact on cottage owners, particularly those who have had properties in their families for years.
GBA has asked the federal government to ensure that unintended consequences for Canadians who do not fall within the wealthiest 0.13 percent do not occur. It is clear from numerous news reports and comments throughout the country that this tax increase affects many Canadians who are not in the target ultra-wealthy category, including many average Canadian families who have dedicated their lives to maintaining family cottages in Georgian Bay and elsewhere. We hope that our request for incorporating appropriate mitigation strategies in this respect will be implemented, when and if this new tax comes into effect.
Read GBA’s letter here.