Canada Prime Minister Announces Cancellation of Proposed Capital Gains Tax Increase

The Canadian Prime Minister’s Office March 21 announced the cancellation of a proposed increase in the capital gains inclusion rate. The announcement also clarifies that the government will: 1) maintain the increase in the Lifetime Capital Gains Exemption limit to approximately C$1.2 million (US$872,879) on the sale of small business shares and farming and fishing property; and 2) introduce legislation impacting the increase in the exemption limit in due course. [Canada, Office of the Prime Minister, 03/21/25]

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