CRA News Today!
It’s been a whirlwind in the tax world over the past few years, with ongoing legislative changes keeping taxpayers and advisors on their toes. The latest development comes amid the prorogation of Parliament, which has delayed the progress of various legislative measures—including the planned increase in the capital gains inclusion rate.
As a result, the Department of Finance has just made the announcement today that the increase in the capital gains inclusion rate will now take effect on January 1, 2026, rather than the previously planned June 25, 2024.
This deferral is to provide individuals and businesses additional time to plan for potential capital gains tax implications. Of course, who knows whether the proposed legislative changes will ever receive Royal Assent but, nevertheless, the deferral announcement may offer new opportunities for strategic decision-making to the new date provided the proposed legislation does eventually become law.
You can read the full announcement from the Department of Finance here:
We’ll keep this new date in mind throughout the course of any discussions with you and whether you’re looking at realizing further capital gains to the new effective date. As always, we’re here to help you navigate these ongoing changes with confidence.
Reach out to us at Compass CPA for expert and timely tax guidance and stay connected to our blog for CRA news and other updates that affect business owners in Ontario.
