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