The Canadian government is set to implement a capital gains tax hike effective June 25, 2024. The new legislation includes language aimed at real-estate holders, stipulating that capital gains cannot be averaged over multiple years to stay under the $250,000 annual threshold. This change has prompted some Canadians to rush to close transactions before the new rules take effect. Additionally, tax write-offs in Canada jumped 55% last year to $4.3 billion, although the Canada Revenue Agency provided no explanation for the significant increase.
Capital gains tax changes go into effect on Tuesday. Here why some Canadians are scrambling to close transactions. READ MORE: https://t.co/gafmK3cP0P https://t.co/gafmK3cP0P
Upcoming tax cuts will put a wad of cash in every Australian’s pocket, but there’s a way you can turn it into a life-changing sum of money. https://t.co/8gEZX6R3Ck
Tax write-offs jumped 55% last year to $4.3 billion, records show. @CanRevAgency gave no reason for the large increase. https://t.co/lSkkD42oFA #cdnpoli https://t.co/gOVrpR4v48
The tax cuts will come into effect next Monday. Here's what you need to know. ⬇️ #9News https://t.co/vQ0UKfQ1ps
NEW Included in the Canadian capital gains tax hike which is effective on June 25th 2024 IS NEW LANGUAGE, presumably to target real-estate holders: "Capital gains cannot be averaged over multiple years to stay under the $250,000 annual threshold."