The change to the capital gains inclusion rate has created distress among those approaching retirement, particularly business owners, who now face a much higher tax bill than they had planned.. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know. For more from Globe Advisor, visit our
The change also affects a corporation’s capital dividend account , which is a notional account that “keeps track of various tax-free surpluses accumulated by a private corporation,” according to theThe most common tax-free amounts included in the CDA are the tax-free portion of capital gains realized by the corporation, life insurance proceeds on certain policies, and capital dividends received from other corporations.
His first advice to clients is to avoid “a knee-jerk reaction.” First, if it’s an asset or investment the client plans to hold for more than the next five or six years, “then don’t even think about selling,” he says. To help people explore whether it’s better to hold onto an asset or sell it before the capital gains inclusion rate increase comes into effect, Mr. Ardrey’s firm, TriDelta Private Wealth, has created anThis isn’t the first time Canada’s capital gains inclusion rate surpassed the 50-per-cent level. Taxes on capital gain, whichat 50 per cent, rose as high as 75 per cent in 1990. However, it’s been at 50 per cent since 2000.
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