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ARTICLE · 16 MAY 2024

Federal Budget 2024: It's Time To Buy Some IP

Smart & Biggar
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The Federal Government recently unveiled the 2024 federal budget, detailing $53 billion in new spending over 5 years. Of the $53 billion spending plan, $19.4 billion will be funded primarily through...

CanadaIntellectual Property
Louis-Pierre Gravelle
Louis-Pierre Gravelle
Kyle Classen
Kyle Classen
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The Federal Government recently unveiled the 2024 federal budget, detailing $53 billion in new spending over 5 years. Of the $53 billion spending plan, $19.4 billion will be funded primarily through increases to capital gains taxes which will affect Canadian individuals and businesses reporting capital gains.

The proposed increase to capital gains taxes proposes to increase the taxable portion of capital gains from one-half to two-thirds, with individuals only feeling this increase above $250,000. Capital gains are the profits an individual or a business earns when they sell assets, such as stocks or property. This will have the effect of taxing both individuals (over $250,000) and businesses more on capital gains. The budget notes that in 2022, 307,000 corporations reported capital gains income in Canada – all of which will feel the increased tax burden.

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