The Trudeau government has recently increased the capital gains tax, impacting a select group of Canadians who significantly contribute to the economy. Under this new policy, announced by Finance Minister Chrystia Freeland, corporations, trusts, and individuals realizing capital gains over $250,000 will face a tax rate of 66.67%, up from the previous 50%. This change means that a larger portion of profits from the sale of capital property, such as real estate or investments, will be taxable, affecting the net income and financial planning of many Canadians.
It is always best to consult a lawyer and/or tax specialist should you have any questions about how the capital gains increase will affect the division of assets within a divorce or a rupture of a civil union. Please feel free to contact us to schedule a consultation with one of our specialized family law attorneys.
For those going through a divorce, understanding the implications of this tax increase is crucial. At Spunt & Carin, our experienced divorce lawyers in Montreal can help you navigate the complexities of asset division under the new tax rules. Our family law firm provides expert advice on how the increased capital gains tax may impact the sale of properties acquired during the marriage, ensuring that our clients are well informed and prepared for any financial liabilities. Contact us today to schedule a consultation and safeguard your financial interests during a divorce.
Source URL: https://www.spuntcarin.com/federal-increase-in-capital-gains-tax-how-might-this-affect-my-divorce/
Comments