In June 2024, the Department of Finance announced an increase in the capital gains inclusion rate from one half to two thirds.
On August 12, 2024, the Department of Finance provided additional details and clarifications on this change. For more information, read the government’s news release on Budget 2024 measures to deliver fairness for every generation.
As of today, no bill regarding this proposed rate increase has been introduced in Parliament.
We are actively monitoring Parliament’s activities and have begun analyzing the proposed change. In addition, we are communicating with the CRA, Alberta Finance and Revenu Québec to obtain guidance for updating the affected forms in TaxCycle T2 (Schedule 6, Schedule 89, T2054, and their provincial equivalents). We will provide further updates and guidance on our news feed when new information becomes available.
For now, we plan to incorporate this rate increase into the next TaxCycle T2 update, expected in late November or early December.
