Comparing Future And Existing Capital Gains Taxes
In Case You Missed It!
- Starting June 25, 2024, capital gains exceeding $250,000 will incur a 66.6% tax rate, up from the previous rate of 50%.
- The capital gains exemption of $1,000,000 will be increased to $1,250,000.
To further illustrate this changes for you, please see the table below which shows the impacts on personal capital gains tax changes for Saskatchewan Residents:
*Source: Aaron Hector, R.F.P., CFP, TEP*
For farmers and farmland owners, these changes signify a significant increase in taxes upon selling land with applicable capital gains. If you’ve been contemplating selling such land, it may be advantageous to do so before June 25, 2024, especially considering the current high land prices and the demand from various buyers. Contact us today to explore how we can assist you with your farm sale!
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