What's new for capital gains

Lifetime capital gains exemption limit

For dispositions of qualified small business corporation shares in 2023, the lifetime capital gains exemption (LCGE) limit has increased to $971,190. For more information, see What is the capital gains deduction limit?.

Property flipping

Starting January 1, 2023, any gain from the disposition of a housing unit (including a rental property) located in Canada, or a right to acquire a housing unit located in Canada, that you owned or held for less than 365 consecutive days before its disposition is deemed to be business income and not a capital gain, unless the property was already considered inventory or the disposition occurred due to, or in anticipation of certain life-events. For more information, see Residential Property Flipping Rule or Schedule 3, Capital Gains (or Losses).

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