I contacted CRA today. they e-mailed back a reference to
- Line 12700 – Taxable capital gains She stated that we had until June 2nd as stated but
- it says this:
Line 12700 – Taxable capital gains
On March 21, 2025, the Government of Canada announced that it:
- does not intend to proceed with a proposed increase to the capital gains inclusion rate; and
- will maintain the proposed increase in the Lifetime Capital Gains Exemption limit to $1,250,000 on the sale of small business shares and farming and fishing property, and introduce legislation affecting this change in Parliament in due course.
The Canada Revenue Agency (CRA) has already reverted to administering the currently enacted capital gains inclusion rate of one-half. Changes to CRA’s systems and the corresponding certification of tax software have been finalized for the reporting of capital dispositions therefore impacted returns can now be submitted and processed.
The CRA will grant relief in respect of late-filing penalties and arrears interest until June 2, 2025, for impacted T1 Individual filers and until May 1, 2025, for impacted T3 Trust filers to provide additional time for taxpayers reporting capital dispositions to meet their tax filing obligations. For the T3 Trust filers, relief extends to the Schedule 15 (T3SCH15 Beneficial Ownership Information of a Trust) as well.
- That appears to be no extra time at all-- still haven't gotten a reply back to this
