john_jones31758
New Member

Life Time Capital Gains Exemption Limit not updated to $1.25 million effective June 25, 2024

The life time capital gains exemption limit (LCGE) should now be $1.25 million as of June 25, 2024 in Canada. It is not in TurboTax, why?

The capital gains inclusion rate has been increased from 50% to 66.7% in TurboTax for capital gains after June 25, 2024, but the corresponding increase in the LCGE limit has not been changed to $1.25 million for qualified capital gains. Although not passed into law yet, CRA will be implementing both these changes effective June 25, 2024.

‎December 28, 2024 10:15 AM
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TurboTaxVeronique
Moderator
Moderator

Troubleshooting

Our teams are working to resolve this issue but to help them collect all the information they need, we need our customers to contact product support to report it. 

Product support team has access to some tools, we don't have here in this Community and escalate technical issues, if needed, like this one, to the proper TurboTax team.

 

Thank you for choosing TurboTax.

 

‎December 29, 2024 5:10 AM
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