The planned increase to the capital gains inclusion rate has been postponed until 2026. This change was aimed at those earning over $250K in annual capital gains, but the delay provides clarity ahead of the tax season.
Key Updates:
No tax on profits from selling a primary home (Principal Residence Exemption).
Lifetime capital gains exemption increases to $1.25 million by June 2024.
Entrepreneurs can pay less tax on up to $6.25 million in gains by 2029.
