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The Canadian federal government previously proposed a significant increase in the capital gains inclusion rate. Initially set to take effect on 25 June 2024, and subsequently deferred to 1 January 2026, the proposed tax increase is now brought to a halt.
Originally, the 2024 budget proposed an increase in the capital gains inclusion rate from 50% to 66.67%. However, with the cancellation, taxpayers can continue to use the current 50% inclusion rate. The decision to defer and ultimately cancel the proposed tax increase is believed to be final, and would provide a measure of certainty for taxpayers and industry professionals.
For more detailed information about the implications of the cancellation, please click here.
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