The 2024 Federal Budget was released on April 16th, with a few significant changes. From a retirement planning perspective, the change to the capital gains inclusion rate from 50% to 66.67% for individuals on gains over $250,000 is a major change.

This won’t affect most Canadians daily but could affect your estate planning. Businesses will see this capital gain inclusion rate change from dollar one. Lastly, life insurance has become more attractive since it will take a higher rate of return on non-registered accounts to keep up with this new 66.67% capital gains tax. This video is just a high-level overview.