Image by: unsplash
On Monday, Deputy Prime Minister and Minister of Finance Chrystia Freeland introduced the legislation that would bring forth the changes to how capital gains are taxed, a change that has been highly controversial since it was first revealed in April. The change would come into effect on June 25 and increase the capital gains inclusion rate — the amount of capital gains that are taxable — from 50% to 66.67% on capital gains above $250,000 for individuals. Capital gains from the sale of a principal residence will remain exempt, but the tax hike would apply to the sale of secondary homes and recreational properties.
Read the full article on: STOREYS