The Canadian government has announced several new tax increases in the latest budget released this week to cope with its debt.
The country’s capital gains tax will spike to 67% for earnings surpassing $250,000 in the year.
This establishes Canada as the nation with the world’s highest capital gains tax rate, surpassing Denmark’s second-place rate of 42%.
Tax Hike Amid Fiscal Strain: In an effort to address its triple-digit public debt, the Canadian government’s 2024 budget has raised the inclusion tax rate on capital gains.
For individuals, the threshold has been moved from 50% to 67% on gains above $250,000 realized annually, effective from Jun. 25, 2024. The change also affects corporations and trusts on all capital gains.
The Global Debt Dilemma: The tax hike comes ...Full story available on Benzinga.com
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