Finance has released proposed legislation and related information that clarifies several design aspects of this upcoming tax change, including how trusts (including mutual fund trusts), mutual fund corporations, partnerships and stock options may be affected by this increase. These measures, which were first announced in the 2024 federal budget, were included in a Notice of Ways and Means Motion (NWMM) that was issued alongside related backgrounders on June 10, 2024.
Now that Finance has confirmed that it still intends for the increase to take effect for capital gains realized on or after June 25, 2024, affected taxpayers that hold assets with significant accrued gains only have a short time to take action. Taxpayers should contact their KPMG tax advisor to determine what options are available and whether it may be beneficial to realize capital gains before the June 25, 2024 effective date.
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