{"text_format":"1","workbook":"xlsx","n_sheets":1,"sheets":["Capital Gains"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Capital Gains","index":0,"n_rows":28,"n_cols":21,"rows_kept":28,"cut":false,"hidden":false,"merged":[[3,1,4,1],[3,2,4,2],[21,5,21,13],[1,5,1,13],[27,1,31,13],[1,1,1,2]]}
[]
[null,"Use this calculator by selecting your province and entering the total capital gain to see the effect of increased capital gains inclusion rate on or after June 25, 2024",null,null,null,"Sample comparison of capital gains taxes payable prior to June 25, 2024 and increase on or after June 25, 2024"]
[null,"Select province (from drop down menu)","ON",null,null,"Gain Amount","Existing gain rate","Tax prior to June 25, 2024","Gain rate on capital gain up to $250,000 on or after June 25, 2024","Gain rate on capiutal gain over $250,000 on or after June 25, 2024","Tax on or after June 25, 2024","New Blended Gain Rate","Difference ($)","Difference (%)"]
[null,"Enter Total Capital Gain (i.e. FMV - ACB of asset)",325000,null,null,250000,{"$f":"IF($C$3=\"BC\",$U$8*$C$10, IF($C$3=\"AB\",$U$9*$C$10, IF($C$3=\"SK\",$U$10*$C$10, IF($C$3=\"MB\", $U$11*$C$10, IF($C$3=\"ON\",$U$12*$C$10, IF($C$3=\"QC\", $U$13*$C$10, IF($C$3=\"NB\", $U$14*$C$10, IF($C$3=\"NS\", $U$15*$C$10, IF($C$3=\"PEI\", $U$16*$C$10, IF($C$3=\"NL\", $U$17*$C$10,IF($C$3=\"YK\",$U$18*$C$10,IF($C$3=\"NWT\",$U$19*$C$10,IF($C$3=\"NU\",$U$20*$C$10, \"Choose Province\")))))))))))))","v":0.26765},{"$f":"F4*G4","v":66912.5},{"$f":"G4","v":0.26765},{"$f":"IF($C$3=\"BC\",$U$8*$C$11, IF($C$3=\"AB\",$U$9*$C$11, IF($C$3=\"SK\",$U$10*$C$11, IF($C$3=\"MB\", $U$11*$C$11, IF($C$3=\"ON\",$U$12*$C$11, IF($C$3=\"QC\", $U$13*$C$11, IF($C$3=\"NB\", $U$14*$C$11, IF($C$3=\"NS\", $U$15*$C$11, IF($C$3=\"PEI\", $U$16*$C$11, IF($C$3=\"NL\", $U$17*$C$11,IF($C$3=\"YK\",$U$18*$C$11,IF($C$3=\"NWT\",$U$19*$C$11,IF($C$3=\"NU\",$U$20*$C$11, \"Choose Province\")))))))))))))","v":0.35686663097999999},{"$f":"(250000*G4)+((F4-250000)*J4)","v":66912.5},{"$f":"K4/F4","v":0.26765},{"$f":"K4-H4","v":0},{"$f":"M4/F4","v":0}]
[null,null,null,null,null,300000,0.26765,{"$f":"F5*G5","v":80295},{"$f":"G5","v":0.26765},0.35686663097999999,{"$f":"(250000*G5)+((F5-250000)*J5)","v":84755.831548999995},{"$f":"K5/F5","v":0.28251943849666666},{"$f":"K5-H5","v":4460.831548999995},{"$f":"M5/F5","v":1.4869438496666649E-2}]
[null,null,null,null,null,400000,0.26765,107060,0.26765,0.35686663097999999,120442.494647,0.30110623661750002,13382.494647,3.3456236617499996E-2]
[null,"Results",null,null,null,500000,0.26765,133825,0.26765,0.35686663097999999,156129.157745,0.31225831548999999,22304.157745000004,4.4608315490000008E-2,null,null,null,null,null,"Province","Personal MTR"]
[null,"Highest Marginal tax Rate",{"$f":"IF($C$3=\"BC\",U8, IF($C$3=\"AB\",U9, IF($C$3=\"SK\",U10, IF($C$3=\"MB\", U11, IF($C$3=\"ON\",U12, IF($C$3=\"QC\", U13, IF($C$3=\"NB\", U14, IF($C$3=\"NS\", U15, IF($C$3=\"PEI\", U16, IF($C$3=\"NL\", U17,IF($C$3=\"YK\",U18,IF($C$3=\"NWT\",U19,IF($C$3=\"NU\",U20, \"Choose Province\")))))))))))))","v":0.5353},null,null,600000,0.26765,160590,0.26765,0.35686663097999999,191815.82084299999,0.31969303473833333,31225.820842999994,5.204303473833332E-2,null,null,null,null,null,"BC",0.53500000000000003]
[null,"Capital Gains Inclusion Rates",null,null,null,700000,0.26765,187355,0.26765,0.35686663097999999,227502.48394099998,0.32500354848714286,40147.483940999984,5.7353548487142837E-2,null,null,null,null,null,"AB",0.48]
[null,"Capital Gains Inclusion Rate prior to June 25, 2024",0.5,null,null,800000,0.26765,214120,0.26765,0.35686663097999999,263189.147039,0.32898643379874998,49069.147039000003,6.1336433798750006E-2,null,null,null,null,null,"SK",0.47499999999999998]
[null,"Capital Gains Inclusion Rate over $250k on or after June 25, 2024",0.6666666,null,null,900000,0.26765,240885,0.26765,0.35686663097999999,298875.81013699999,0.33208423348555555,57990.810136999993,6.4434233485555548E-2,null,null,null,null,null,"MB",0.504]
[null,"Taxes prior to June 25, 2024",null,null,null,1000000,0.26765,267650,0.26765,0.35686663097999999,334562.47323499998,0.33456247323499999,66912.473234999983,6.6912473234999978E-2,null,null,null,null,null,"ON",0.5353]
[null,"Tax rate on taxable capital gains prior to June 25, 2024",{"$f":"C8*C10","v":0.26765},null,null,1250000,0.26765,334562.5,0.26765,0.35686663097999999,423779.13098000002,0.339023304784,89216.630980000016,7.1373304784000016E-2,null,null,null,null,null,"QC",0.53310000000000002]
[null,"Tax prior to June 25, 2024",{"$f":"C4*C10*C8","v":86986.25},null,null,1500000,0.26765,401475,0.26765,0.35686663097999999,512995.78872499999,0.34199719248333332,111520.78872499999,7.4347192483333324E-2,null,null,null,null,null,"NB",0.52500000000000002]
[null,"Taxes on or after June 25, 2024",null,null,null,1750000,0.26765,468387.5,0.26765,0.35686663097999999,602212.44646999997,0.34412139798285712,133824.94646999997,7.6471397982857126E-2,null,null,null,null,null,"NS",0.54]
[null,"Tax on first $250,000 of gain after June 25, 2024",{"$f":"IF(C4<250000, (C4*C10*C8),(250000*C10*C8))","v":66912.5},null,null,2000000,0.26765,535300,0.26765,0.35686663097999999,691429.10421499994,0.34571455210749996,156129.10421499994,7.8064552107499977E-2,null,null,null,null,null,"PEI",0.51749999999999996]
[null,"Tax on gain over $250,000 on or after June 25, 2024",{"$f":"IF(C4<250000,0,(C4-250000)*C11*C8)","v":26764.9973235},null,null,3000000,0.26765,802950,0.26765,0.35686663097999999,1048295.735195,0.34943191173166666,245345.73519499996,8.1781911731666657E-2,null,null,null,null,null,"NL",0.54800000000000004]
[null,"Total taxes on capital gain on or after June 25, 2024",{"$f":"SUM(C16:C17)","v":93677.497323499992},null,null,4000000,0.26765,1070600,0.26765,0.35686663097999999,1405162.3661749999,0.35129059154374997,334562.36617499986,8.3640591543749962E-2,null,null,null,null,null,"YK",0.48]
[null,"Blended tax rate on or after June 25, 2024",null,null,null,5000000,0.26765,1338250,0.26765,0.35686663097999999,1762028.997155,0.35240579943099998,423778.99715499999,8.4755799430999992E-2,null,null,null,null,null,"NWT",0.47049999999999997]
[null,"Blended Tax Rate for capital gains on or after June 25, 2024",{"$f":"C18/C4","v":0.2882384533030769},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NU",0.44500000000000001]
[null,"Increased tax result on or after June 25, 2024"]
[null,"Increase in taxes on or after June 25, 2024 ($)",{"$f":"C18-C14","v":6691.2473234999925},null,null,"Assumptions"]
[null,"Increase in taxes on or after June 25, 2024 (%)",{"$f":"(C18-C14)/C4","v":2.05884533030769E-2},null,null,"Client is already in the highest marginal tax rate for their province or territory"]
[null,null,null,null,null,"Does not take into account transaction fees (legal, accounting, land transfer tax, commissions, etc.)"]
[null,null,null,null,null,"Based on proposed changes as announced on April 16, 2024 in Federal Budget 2024"]
[null,null,null,null,null,"Assumes the capital gain is realized personally and represents total capital gain (not just taxable capital gain)"]
[]
[null,"Disclaimer\nThis document provides general information only. Sun Life Assurance Company of Canada does not provide legal, accounting or taxation advice to advisors or Clients. Before you act on any of the information contained in this article make sure you seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation. Any examples or illustrations in this article are included solely to help clarify the information presented in this article, and should not be relied on in any transaction.\nPublished and revised by: Estate & Financial Planning Services\nLast revised: April 2024 © Sun Life Assurance Company of Canada, 2024. Sun Life Assurance Company of Canada is a member of the Sun Life group of companies."]