2024 YEAR-END PERSONAL TAX PLANNING Capital Gains Transactions: · The inclusion rate for capital gains was 50% at the beginning of 2024. Budget 2024 proposed an increase of the inclusion rare to 2/3 effective June 24, 2024. This change has not yet received Royal Assent. It is expected that this will be legislatedin January 2025. · In accordance with …
Expanded Trust Reporting Rules The federal government recently introduced new rules that increase the reporting requirements for trusts and trust-like relationships. These rules are effective for 2023. The new rules are meant to apply broadly and will significantly increase both the information being provided by trusts and the number of trusts that are required to …
Federal Budget Commentary 2024 A. Personal Measures Capital Gains Inclusion Rate Currently, one half of capital gains are included in a taxpayer’s income. Budget 2024 proposed to increase this inclusion rate to two thirds of the actual gain, effective for capital gains realized on or after June 25, 2024. Similarly, the deduction available for some employee stock option benefits will be reduced …
