Capital Gains Tax (CGT)

A tax on capital gain, realized on the sale of an asset that was purchased at a cost amount lower than the amount realized on the sale. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Capital gains are taxed at half the rate as regular income and capital losses are deductible for tax purposes against capital gains. Business owners and farm owners may qualify for the $750, 000 enhanced capital gains exemption.

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April 17th, 2024