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What does the increase in the Capital Gains Inclusion Rate mean for me and my family?
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You have heard of the new Canadian federal budget that increased the Inclusion Rate on the Capital Gains tax. It finally went into effect on June 25th, 2024.
Physicians were given the right to incorporate their practices in lieu of a salary increase. Consequently, many physicians saved their money inside their corporation in the form of retained earnings and then invested it, as a way to save for retirement. Now, with the increase in the Capital Gains Inclusion Rate, this strategy is no longer as efficient. But what about all those physicians who used this strategy for the last 20 years? Is it all lost? Well, if no actions are taken, then "yes".
A few strategies to mitigate this increase exist. Listen to learn about them!
If you want to leave me comments or feedback, please email me at hmfhd2020@gmail.com.
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