When the 2024 federal budget was released in April, there were several notable proposed tax changes that will have direct implications on most Canadians. The first change relates to the capital gains inclusion rate. Since 2001, it has been 50 per cent, which means 50 per cent of a capital gain is tax free and […] Read more
Tag Archives capital gains — page 2
Farm groups sound off on budget concerns
Ten national organizations say change to the capital gains inclusion rate and other proposed moves will impact farmers
Glacier FarmMedia – REGINA — Canadian national farm organizations have united against proposed budget measures that they say will negatively affect farmers. Planned changes to the capital gains inclusion rate also drew specific concern and attention from the House of Commons’ agriculture committee. Related stories: In a May 27 letter to finance minister Chrystia Freeland, […] Read more
Capital gains deduction important when selling the farm
A farm is more than a business. It’s a legacy built through generations of sweat and determination. As farmers, you plan for the coming year’s harvest, but it’s equally important to plan for the future of your land and livelihood. This includes understanding the implications of selling or transferring the farm. The Capital Gains Deduction […] Read more
Capital gains tax change will need more analysis
The federal government has tapped a new source of funding for its overspending — the capital gains tax inclusion rate. Farmers won’t be affected on a year-to-year basis, but in many cases, it will alter approaches to succession planning. The general public has a limited understanding of capital gains tax. Why would a wage earner […] Read more
Farms urged to consider new succession bill
Farmers are advised to take advantage of the revamped Bill C-208 because it offers them significant tax savings when it comes to succession. Brandon-Souris MP Larry McGuire initially introduced it as a private member’s bill in 2021. It sought to amend the federal Income Tax Act to exclude the intergenerational transfer of farms and other […] Read more
