🚨 Important Update: New Capital Gains Tax Rules Now in Effect

The deadline for the new capital gains tax rules has passed, bringing significant changes to how profits from asset sales are taxed in Canada.

Key Points:

• Deadline Passed: New rules on taxing capital gains are now active.

• Tax Change Details: 50% of the first $250,000 in gains remains taxable; beyond that, two-thirds is now taxable.

• Government’s Goal: Aims to generate $20 billion for housing and child care investments.

• Impact on Individuals: Higher taxes on capital gains exceeding $250,000.

• Corporate Impact: Corporations face increased inclusion rates, affecting financial planning.

• Political Reactions: Mixed views on fairness and economic impact.

• Implementation: New rules are effective immediately.

Stay informed and adjust your financial planning accordingly to navigate these changes effectively.

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