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Capital gains exemption rules and 1994 election guidance
The document explains withdrawing the $100,000 LCGE for post budget gains, with no change to the $500,000 LCGE for certain private companies and farmland. It advises filing a 1994 tax return election by April 30, 1995 to crystallize the exemption portion, outlines how elected gains are treated, and warns of penalties for overvaluing assets. It notes potential impacts on various credits and benefits and urges consult with a tax advisor.
MENTIONED IN THIS ARTICLE
Department of Finance
Buck Bell
Reid Chartered Accountants