The 2024 federal budget was released on April 16, 2024, and included a proposal to increase the inclusion rate on capital gains. If the proposal is approved, individuals earning more than $250,000 in capital gains in a year will increase the inclusion rate from 50 to 67 per cent.
This tax amendment is expected to be implemented on or after June 25, 2024. Concerned that this proposal could have an adverse effect on property owners who intend to sell or transfer ownership of their cottages to the next generation, the Georgian Bay Association (GBA) has written a letter on capital gains, opposing this decision.