By Canadian Press

Freeland says government will introduce capital gains legislation before summer break

May 21, 2024 | 11:17 AM

OTTAWA — Finance Minister Chrystia Freeland says the Liberal government will introduce legislation to increase the inclusion rate on capital gains before the parliamentary summer break.

The federal budget presented in April proposes making two-thirds of capital gains taxable.

Currently, only one-half of the profits made on the sale of assets are taxed. 

The higher inclusion rate will apply to all capital gains realized by corporations, while individuals will only face the higher inclusion rate on capital gains above $250,000. 

Last month, the finance minister introduced legislation to implement the federal budget but left the capital gains changes out of the bill.

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The changes are supposed to take effect on June 25.

This report by The Canadian Press was first published May 21, 2024. 

The Canadian Press