By Canadian Press

Quebec follows Ottawa and raises amount of capital gains subject to tax

Apr 19, 2024 | 9:12 AM

Quebec says it will align its tax system with the federal government by increasing the percentage of capital gains subject to taxation.

Like Ottawa announced in its budget Tuesday, Quebec says it will tax two-thirds rather than one-half of capital gains, which are profits made on the sale of assets.

The increase in the capital gains inclusion rate will affect gains superior to $250,000, as is the case with the federal government’s changes.

The Quebec Finance Department says the tax increase will take effect June 25.

The province says it took the decision to maintain “coherence” with the federal government’s tax system.

One Man's Opinion

COLLINS: North Shore BIA working hard to develop a 'happening place'

2h ago

1000 Ways to Heal

1000 Ways to Heal: Moons

Dec 10, 2024

Question of the Week

Should Mayor Reid Hamer-Jackson apologize or resign after it was found he breached a section of council's code of conduct for allowing false or misleading information to be communicated?

Dec 09, 2024

A major Quebec manufacturing association — Manufacturiers et Exportateurs du Québec — says the increase in the capital gains inclusion rate will hurt companies at a time when they already have to invest in reducing carbon emissions.

This report by The Canadian Press was first published April 19, 2024.

The Canadian Press