💰Capital Gains Just Got More Expensive – Here's How to Protect Your Wealth💸

The 2024 Canadian Federal Budget has brought some major changes to capital gains, making it more costly to sell assets at a profit. But don’t worry—there’s a way to shield your wealth, and life insurance plays a crucial role. 📊

👋 Hi, I’m Laurent Munier. Welcome, or welcome back if you’ve been here before! Today, we’re diving into what the new Capital Gains Inclusion Rate means for you and how you can protect your legacy from these new tax hikes.

🔍 What is the Capital Gains Inclusion Rate?

In simple terms, when you sell an asset for more than what you paid for it, that profit is a capital gain. The change? Now, 66% of that gain is taxed instead of the previous 50%. And if your gain exceeds $250,000, the entire amount is taxed at the higher rate. 📈

🛑 How Does This Affect You?

The government claims this change only affects 0.13% of Canadians annually, but that’s misleading. Over time, a much larger number of Canadians will face this tax increase, especially as the Baby Boomer generation passes away, leaving estates that will be hit hard by these new rules. 😟

🏠 How Life Insurance Can Help

To ensure your legacy reaches your kids and not the taxman, life insurance can be a game-changer. The death benefit can be used to pay off those hefty capital gains taxes, so your assets don’t have to be sold at a loss or in a down market. 📉

📅 Plan Ahead with the Right Team

Protecting your legacy isn’t just about buying insurance. You’ll need a good advisor (that’s us at Safe Pacific), a solid accounting team, and an experienced estate lawyer. Together, we’ll estimate your future tax liability and help you plan accordingly. 🔒

🎯 Get Started Today

If you own a business, real estate, or a cottage and want to ensure your kids can inherit without having to sell assets to pay taxes, reach out to us at Safepacific.com. We’ll respond within 24 hours on business days to schedule a meeting and take the next steps. 🖥️

🙏 Help Us Spread the Word

If you found value in this video, please like, comment, subscribe, and share with others who might benefit. Your engagement helps us reach more people who need to hear this important information. Thanks for watching, and I’ll see you next time! 👋

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