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Stock impact report

Feds offer few carveouts to capital gains inclusion rate hike [Investment Executive - News]

Manulife Financial Corporation (MFC) 
Last manulife financial corporation earnings: 2/12 05:00 pm Check Earnings Report
US:NYSE Investor Relations: manulife.com/investor-relations
The government’s notice of ways and means, tabled Monday, does not defer the effective date of June 25 for the proposed hike to the capital gains inclusion rate (CGIR). Nor can taxpayers elect to realize a gain at the current 50% rate without selling or gifting the asset. “You actually have to dispose of these properties,” said Henry Korenblum, president of Korenblum Wealth Inc. in Toronto. Allowing an election to pay the tax on an accrued gain “would have been nice from a fairness standpoint [for] people who may not have access to professional advice to engage in transactions pre-June 25.” There also appears to be no relief for transactions arranged before June 25 but which close on or after that date. “Anyone who’s looking to make any trades before June 25 actually needs to close those trades to lock in the current 50% inclusion rate,” Korenblum said. The government did provide graduated rate estates (GREs) and qualified disability trusts (QDTs) with access to the annual $250,000 Show less Read more
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