Increase: $750,000 Capital Gains Deduction
On March 19, 2007 the maximum lifetime capital gains deduction that can be claimed by an individual increased from $500,000 to $750,000 due to the 2007 Federal budget. This deduction includes small business corporation shares, farm property, fishing property, and any capital gains deductions used in 1994 or earlier.
Any one hoping of taking advantage of this deduction should contact Dustin. The rules relating to the capital gains deduction are quite intricate and it is impossible to include all situations, circumstances and exceptions in this commentary. Every effort has been made to ensure the accuracy of the information, however, because of the nature of the subject, no person or firm involved in the preparation or distribution of this commentary accepts any liability for its contents or use.