The conversation around Canada’s capital gains tax has taken center stage, with recent proposals stirring debate and raising questions about their impact on individuals and businesses alike. For those navigating the real estate market in the Greater Toronto Area (GTA), understanding these changes and their potential implications is crucial. Let’s break it down. What Are Capital Gains and Why Do They Matter? Capital gains refer to the profit earned from selling an asset, such... [read more]

Starting June 25, 2024, the federal budget will bring some changes to the capital gains tax rules. Right now, when you sell an asset, like a rental property or a cottage, only half of the capital gain is taxable. But come June, for gains over $250,000, two-thirds will be taxable. And if you own a trust or corporation, this new two-thirds rule will apply to all gains, no exceptions. So, what does this mean for you? If you’re sitting on some substantial unrealized gains, it might be time... [read more]