How to Avoid or Minimize Extra Tax from New Higher Capital Gains Tax

Unconventional Wisdom

You may have heard that we just had a new budget here in Canada, and increased the taxes on capital gains.

Canadians with a rental property, cottage or investments and their tax advisors are scrambling to figure out what to do before the deadline of June 25, 2024.

Here are the questions we’ll cover in this latest podcast episode:

What is the new higher capital gains tax?

• Who is affected?
• Why is it mainly a real estate tax?
• How to avoid or minimize the higher capital gains tax.
• Is investing inside your corporation still worthwhile?
• Will the higher exemption for small business help?
• Are rental properties or cottages still profitable?
• Why are only 50% or 67% of capital gains taxed, instead of all gains?
• 3 nasty aspects of the new tax.
• Why do they say only 0.13% of Canadians are affected?
• Will this hurt our economy?