Changes to the Capital Gains Tax in Canada 2024
Posted by Stephen Foster on
What is Capital GainS Tax?
Capital gains in Canada refers to the appreciation in value of any asset or investment since its purchase. When you sell the asset such as a property, at a higher price than what you paid for it, the profit made from the sale is considered a capital gain. This applies to various types of properties including cottages, second homes, investment properties or rental units. So as a Realtor, understanding capital gains is crucial for effectively advising clients on their property transactions and investments.
What are the changes coming to the Capital Gains Tax?
- Budget 2024 announces the government's intention to increase the inclusion rate on capital gains realized annually above $250,000 by individuals and on all…
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