Changes To Capital Gains And What You Can Do About It
With Tax Expert Hemal Balsara
The clock is ticking for the changes to capital gains to take effect. The window is also closing to do anything proactively about it before the changes occur.
I sat down with Hemal Balsara, Head of Tax, Retirement, and Estate Planning, Individual Insurance, Manulife for this episode to get to the bottom of the changes.
Hemal was part of a group invited to a closed-door meeting for the first viewing of the proposed changes and (you’ll hear in the episode) as the document was handed out, he heard a wave of people muttering “capital gains”… “capital gains” and, in his own words:
“I can’t believe they finally did it”
Hemal and I dive into the changes to help you answer specific questions I’ve been getting from clients like:
Should I sell anything before the deadline?
How will the changes affect what’s outside of my corporation?
What about my investments inside?
What can I do about these changes?
What existing tax strategies will still work?
What existing tax strategies might work better?
Even if you’re listening to this episode after the changes have taken effect, we talk about what long-term adjustments to your existing plan might make sense considering these changes. It’s not all about what you can do before June 25th, 2024.
Disclaimer: As always, consult someone who knows your specific situation before making any changes to your finances.
Want to understand how these changes impact you?
If you’re wondering how these changes might affect your financial plan and ability to retire, a fee-based plan might make sense for you.
If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan.
To follow Hemal and read his up-to-date articles analyzing the changes, you can find him on LinkedIn here.
