What's new for capital gains for 2023

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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