Capital gains tax on the sale of a property, When is capital gains tax payable on the sale of property?
Capital gains—just hearing these words together can spark conversations about having to hand over 50% of your home sale profits to the government. This is only partially true—at least for now. The Canadian federal government's Budget 2024 introduced an increase on certain capital gains.
Capital gains tax highlights
- As of June 25, 2024, the capital gains inclusion rate has been updated. For individuals, this rate is either 50% or 66.67%, depending on the size of the capital gain.
- Under the current federal and provincial/territorial tax rates in Canada, capital gains of under $250,000 are taxed at a maximum of 27%.
- You can minimize the capital gains tax you owe by holding your investments in registered accounts, offsetting capital gains with capital losses, and claiming the principal residence exemption.
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