Hey Canadians! Major changes have just hit our tax system under Prime Minister Mark Carney, and they affect everyone—from business owners and investors to everyday taxpayers. This quick 2-minute breakdown covers the 6 key updates you need to know:
1. Income Tax Cut – First bracket drops from 15% to 14%
2. Capital Gains – Inclusion rate stays at 50%, not 66.7%
3. Bigger Exemption – Lifetime Capital Gains Exemption increased to $1.25M
4. No More Carbon Tax – Consumer carbon tax scrapped ?
5. Digital Services Tax – 3% tax on big tech, retroactive to 2022 - cancelled
6. GST Break on Rentals – GST waived on new rental builds until 2030
Whether you're filing taxes, selling a business, or investing—this matters.
