Prime Minister Mark Carney has announced his government will cancel the Liberal government’s planned hike in the capital gains inclusion rate.
In a statement released on March 21, the Prime Minister’s Office said this cancellation is part of a “recognition of the vital role that builders and small businesses play,” adding that the change would allow for more private investment to create jobs and opportunities for Canadians.
The statement also said the Liberal government will maintain the increase in the lifetime capital gains exemption rate to $1.25 million for small business shares, and farming, and fishing property. The statement added that the government will introduce legislation to formalize the changes to the exemption limit “in due course.”…