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ARTICLE · 30 MARCH 2016

Previously Announced Measures In Budget 2015

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Budget 2016 announces the Government's intention to reverse proposals made in Budget 2015 with respect to donations of the cash proceeds from sales of real estate and private company shares.

CanadaCorporate/Commercial Law
Miller Thomson LLP
Miller Thomson LLP
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No Capital Gains Exemption for Donations of Real Estate and Shares of Private Corporations

Budget 2016 announces the Government's intention to reverse proposals made in Budget 2015 with respect to donations of the cash proceeds from sales of real estate and private company shares. Budget 2015 proposed to exempt from tax capital gains incurred on the sale of real estate and private company shares to the extent the cash proceeds from the sale of such property were donated to a registered charity within 30 days of the sale. These changes were to take effect starting in 2017 and draft legislation implementing these changes had been released. We reported on these measures in past issues of this Newsletter. Budget 2016 confirms that the Government does not intend to go forward with these changes.

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