Travis Hebert

🚨 Justin Trudeau Resignation and Its Impact on Capital Gains 🚨

With Justin Trudeau's resignation, Canadians are left wondering about the future of the proposed changes to the Capital Gains Inclusion Rate.

As outlined in the federal government’s 2024–2025 budget, an increase in the inclusion rate to 66 2/3% was proposed. This change would affect capital gains earned by corporations, trusts, and individuals with annual capital gains exceeding $250,000, starting June 25, 2024.

However, the motion—first introduced in April 2024—has not yet passed into legislation or received Royal Assent.

So, where does this leave taxpayers?

While no legislation has been finalized, the Canada Revenue Agency (CRA) often administers previously proposed rules during prorogation. This means taxpayers are still required to report under these proposed rules until Parliament decides otherwise. If the bill isn’t reinstated, the CRA would cease requiring compliance with the new inclusion rate.

At Precedence Private Wealth, we’re keeping a close eye on this evolving situation to ensure our clients stay informed and prepared.

💡 Have questions about how these changes might impact your financial plans? Reach out to our team for personalized guidance.

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Did you know there are advanced strategies to minimize your long-term tax burden and maximize benefits like Old Age Security (OAS)? At Precedence Private Wealth, we go beyond traditional methods to help you achieve financial peace of mind with RRSP meltdown strategies and more.

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Don’t let tax inefficiencies or missed benefits hold you back. Contact us today to learn how we can help you take control of your financial future.