Only 0.13% of Canadians will pay more taxes on capital gains
Liberals pass plan to change capital gains taxation in Canada
Only 40,000 individuals expected to pay more taxes
The House of Commons has approved the Liberals' plan to change the way capital gains are taxed in Canada. In Budget 2024, the federal government announced changes to capital gains taxation to make it fairer for all Canadians. Only 50% of the total capital gains is taxable in Canada. It is included in your annual taxable income.
The changes will only affect a small number of Canadians. Only 0.13% of Canadians, or approximately 40,000 individuals, are expected to pay more taxes on their capital gains as a result of the changes. These individuals are those who have capital gains that exceed $1 million.
The changes will not affect the majority of Canadians who have capital gains of less than $1 million. These Canadians will continue to pay the same amount of taxes on their capital gains as they do now.
The changes to capital gains taxation are part of the government's plan to make the tax system fairer for all Canadians. The government believes that the changes will help to ensure that those who can afford to pay more taxes do so.
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