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

[john_jones31758]

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.

[TurboTaxVeronique]

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