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ARTICLE · 29 APRIL 2024

Navigating The Changes: How Federal Budget 2024 Affects Canadians' Taxes

Budget 2024 was released on April 16, 2024, and it contained several proposed changes to Canada's tax system. Over the next several days, Dentons Canada's...

CanadaTax

Budget 2024 was released on April 16, 2024, and it contained several proposed changes to Canada's tax system. Over the next several days, Dentons Canada's Tax group will release several short pieces that highlight the changes and how they may impact certain Canadians.

When it comes to Canada's entrepreneurs and especially high growth tech companies, Budget 2024 offers a mixed bag of burdens and benefits. Key highlights of the new tax proposals are:

  • To increase the inclusion rate for capital gains on corporations and trusts as well as capital gains beyond $250,000 for individuals to 66.67% from 50%. These changes will also carry over to the effective taxation rate on employee stock options and will be effective on gains realized on or after June 25, 2024;

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Specific Questions relating to this article should be addressed directly to the author.

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