2024 Year- End Tax Planning
By JAMES PARKYN & FRANÇOIS DOYON LA ROCHELLE
In this Episode, James Parkyn & François Doyon La Rochelle will be reviewing Year-End Tax Planning strategies highlighting the 2024 Federal Budget proposed changes on Capital Gains Tax.
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Read The Script:
1) INTRODUCTION:
François Doyon La Rochelle:
You’re listening to Capital Topics, episode #69!
This is a monthly podcast about passive asset management and financial and tax planning ideas for the long-term investor.
Your hosts for this podcast are James Parkyn and me François Doyon La Rochelle, both portfolio managers with PWL Capital.
In our podcast today we will review Year- End Tax Planning strategies highlighting the 2024 Federal Budget proposed changes on Capital Gains Tax.
Enjoy!
2) 2024 YEAR-END TAX PLANNING:
François Doyon La Rochelle:
Well, it’s that time of the year again to cover Year-end Tax Planning Strategies for Investors in Capital Market Securities. Our regular Listeners know this is an annual tradition on our Podcast to cover this topic at year-end. But this year the big tax planning challenge is that there is a lot of uncertainty surrounding capital gains tax rules. Most of our Listeners know that the 2024 Federal Budget introduced major changes with the New Capital Gains Tax rules. At the Personal tax level, The Capital Gains inclusion rate was increased from 50% taxable to 66 2/3% for gains realized over $250,000. The new rules for capital gains realized in corporations or a Trust are even harsher whereby all realized gains will be taxed at the higher 66 2/3% inclusion rate. These new rules completely upend the planning for investors with assets in their corporations and for estates. To make matters more complicated, the New Capital Gains Tax Legislation is delayed, and some are speculating it may not be passed before year-end. There is a lot to discuss, and as usual careful planning will be required. So, James, where would you like to start?…Read More
Links:
- CIBC – Just leave it! Corporate Versus personal capital gains investing by Jamie Golombek – CIBC Private Wealth
- Episode 58: Year-End Tax Planning and Update on Canada’s Major Pension Plans by James Parkyn & François Doyon La Rochelle – Team Parkyn-Doyon La Rochelle – PWL Capital
- Episode 52: The New Tax-Free First Home Savings Account (FHSA) and Review of the Credit Suisse Global Investment Returns Yearbook 2023 - Summary Edition by James Parkyn & François Doyon La Rochelle – Team Parkyn-Doyon La Rochelle – PWL Capital