more than $250,000 capital gains in 2024

[varora1984]

Hi everyone,

I am a salaried individual.  In 2024, my capital gains exceeded $250,000 from disposition of equity securities.  Is anyone in the same boat?  If so how are you handling the filing of your taxes please?

$250,000 was the limit for the proposed changes under Trudeau government (changing the taxable capital gains, also referred to as the inclusion rate, from 50% to 66.67% on anything >$250,000 ).  The change didn't go through but the CRA had implemented it for the tax year, initially.  However, the CRA changed its position and went back to the 50% inclusion rate per updated gov. guideline for 2024.  As a result, CRA is supposed to provide a relief period for such individuals until June 2, 2025 (no penalty/arrears, etc., etc.) to allow updating its own system in order to apply the correct inclusion rate of 50% for capital gains for individuals.  This link is from Mar 21, 2025 and mentions the what I've described above:  https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/impor[product key removed]id...

My questions are:

1.  Has anyone checked whether turbotax/other services using the proposed Trudeau inclusion rates for 2024 capital gains or is it the 50% rate?

2.  If I am waiting for June 2, 2025 deadline, do I need to provide anything to the CRA to let them know that I am an impacted individual and as a result should not be penalized for late filing?

Any guidance would be much appreciated.  Also, I live in downtown Toronto and looking for tax experts.  Any recommendations will be highly appreciated as well.  Thank you!!

Kind Regards

Varun

[NataliaC]

Hello,

To answer your questions:

1- TurboTax is using the 50% rate as the proposed changes by the Trudeau government were never approved.

2- As long as you have capital gains, there's nothing you need to do now. You need to file and pay any amounts owing by June 2, 2025 and you won't be penalized.