Capital Gains Tax in Canada Changes Coming June 25, 2024

Calculating Capital Gains and Taxes

Calculating Capital Gain or Loss

Before you can calculate your capital gains taxes, you need to know the following information:

• The adjusted cost base (ACB)
• The outlays
• The proceeds of disposition

Capital Gains Tax Changes Effective June 25, 2024

Amendments to the Income Tax Act will change how capital gains are taxed in Canada. These changes will impact individuals and corporations, and it is important to be aware of them to ensure compliance and plan for the future.

Use Schedule 3 to Report Capital Gains or Losses

You generally have a capital gain or loss whenever you sell or are considered to have sold capital property. You must report these gains or losses on Schedule 3, Capital Gains or Losses, of your income tax return.