The Federal Government has made changes to the capital gains exemption and employee stock options as well as created labour mobility deductions for tradespeople, underused housing tax, small business air quality improvement tax credit, fuel charge tax credit for farmers. Crowe MacKay’s tax advisors review how these changes may impact your 2022 taxes.
Capital Gains Exemption
For 2022, the capital gains exemption for qualified small business corporation shares has risen from $892,218 to $913,630. This exemption will be indexed for inflation in subsequent years. The capital gains exemption for qualified farm or fishing property remains at $1,000,000.