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The Decibel
The capital gains tax, explained
Apr 22, 2024
Salmaan Farooqui, a personal finance reporter with the Globe’s Report on Business, discusses the basics of capital gains tax in Canada and how the recent changes might impact Canadians. The podcast explores the implications for wealthy individuals, middle-class Canadians, small business owners, and the effectiveness of the new tax measures in generating revenue.
20:23
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Quick takeaways
- The capital gains tax change targets high earners through increased inclusion rates for gains over $250,000.
- Tax-sheltered accounts like RRSPs and TFSAs exempt most Canadians from the capital gains tax impact.
Deep dives
Overview of Capital Gains Tax Change
The federal government introduced a tax change targeting wealthy Canadians, focusing on capital gains. For gains under $250,000, the inclusion rate remains at 50%, increasing to 66% for gains over that amount. The change aims to generate more revenue from top earners, affecting businesses with a flat 66% inclusion rate on all capital gains. This modification is set to take effect on June 25th.
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Discover
highlights
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