Starting today, you may be paying more tax on your capital gains. As of June 25, 2024, the new capital gains rules take effect and they may have a big impact on your tax bill. Or not. It really depends. Nevertheless, it's important to understand what's changed with capital gains taxes, what this increase could mean for you, and most importantly... strategies to lower or limit your capital gain taxes even with these new rules.
If you'd like to read everything I just shared, check out my blog post on the new capital gains changes https://jessicamoorhouse.com/capital-gains-taxes-canada-what-to-know-about-the-increase-new-rules/
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RESOURCES I MENTIONED
📌 Tax fairness for every generation https://budget.canada.ca/2024/report-rapport/chap8-en.html
📌 Capital gains tax calculator https://wowa.ca/calculators/capital-gain-tax
📌 Capital gains & losses calculation with new rules https://www.taxtips.ca/filing/capital-gains-and-losses.htm
📌 Capital gains tax on gifts https://toronto.ctvnews.ca/i-m-not-wealthy-ontario-senior-shocked-she-owes-40-000-in-capital-gains-after-gifting-land-1.6905994
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CHAPTERS
00:00 Introduction
00:22 Misunderstanding the new capital gains tax rules
02:28 How capital gains taxes work
03:46 The big changes with capital gains taxes
06:39 The impact on real estate
08:15 How to pay less capital gains taxes
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