Line 12700 – Taxable capital gains
The CRA is administering proposed capital gains inclusion rate legislation
On September 23, 2024, the Deputy Prime Minister and Minister of Finance tabled a Notice of Ways and Means Motion (NWMM) to introduce a bill entitled An Act to amend the Income Tax Act and the Income Tax Regulations. This NWMM modified the motion tabled on June 10, 2024. For more information about the capital gains tax changes, please visit this NWMM.
Although these proposed changes are subject to parliamentary approval, consistent with standard practice, the Canada Revenue Agency is administering the changes to the capital gains inclusion rate effective June 25, 2024, based on the proposals included in the NWMM tabled September 23, 2024.
For all taxpayers, the new inclusion rate will apply to capital gains realized on or after June 25, 2024. Impacted forms for individuals, trusts and corporations are expected to be on Canada.ca as of January 31, 2025. Arrears interest and penalty relief, if applicable, will be provided for those corporations and trusts impacted by these changes that have a filing due date on or before March 3, 2025. The interest relief will expire on March 3rd. More information will be forthcoming in the coming weeks.
You may have a capital gain or capital loss when you sell or transfer capital property. Some common types of capital property include land, buildings, shares, bonds, fund and trust units.
Topics
- What's new for capital gains
What's new for capital gains for 2023 - Calculating and reporting your capital gains and losses
How to calculate your capital gains and losses, and complete line 12700 and schedule 3 of your return. - Capital losses and deductions
You may be able to reduce your taxable income by claiming capital losses, deferrals, reserves and the cumulative capital gains deduction. - Shares, funds and other units
Publicly-traded shares, bonds, mutual fund and trust units, stock options, flow-through entities, and identical properties. - Capital Gains (or Losses) from Information Slips
How to report your capital gains (or losses) from T3, T4PS, T5, T5008 and T5013 information slips. - Principal residence and other real estate
Designation, change of use and disposition of a principal residence, which can be a house, apartment, cottage, mobile home or houseboat. - Transfers of capital property
Transfers to a spouse or common-law partner, or to a trust, corporation or partnership. - Capital gains and losses from a business or partnership
Information for individuals whose capital gain or loss arises from a business or partnership. - Gifts of shares, stock options, and other capital property
Donations of Canadian cultural property, ecologically sensitive land, and other capital property such as bonds, shares or stock options.
Questions and Answers about capital gains.
Forms and publications
Related topics
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