What happens when two tax fanatics who are passionate about tax education get together to talk about draft tax legislation??? Check out this episode to find out!So excited to have my friend, and fellow tax enthusiast, Henry Shew, on the podcast today to chat about the draft legislation that the Federal Government released on June 10, 2024 relating to the changes to the capital gains rules in Canada. There are some amazing resources available which "go into the weeds" on the details of the legislation - but Henry and I wanted to go big picture for this episode. We wanted to provide some background on how tax legislation is passed, and highlight some things you need to be aware of - here is the scoop on what we discuss:(1) What is a "Notice of Ways and Means Motion"? (6:08)(2) What is in the draft legislation? (10:08)(3) What is missing from the draft legislation? (22:04)We talk about: Capital gains reserveThe expansion of the $250K exemption to GREs and Qualified Disability Trusts Applicability to alter ego trustsWhat happens if a trust or a partnership has a gain mid-way through the year, but does not allocate the gain until later in the year?The "averaging" rules, and the impact on the capital dividend accountChanges (positive) to allowable business investment lossesSome of the things that were missing...why isn't this indexed to inflation?There is no carry-forward of the $250K annual thresholdHas the government forgotten about integration?AMT - lack of interaction between the changes to AMT and the new legislationWord on the street is that supplementary draft legislation will be released by end of July which hopefully fills in some of the gaps... we will see!RESOURCES DISCUSSED ON THIS EPISODEIn case you want to read the draft legislation: https://www.canada.ca/en/department-finance/news/2024/06/government-of-canada-delivering-tax-fairness-for-every-generation.html Check out this great video from CBC News Explore: https://www.cbc.ca/player/play/video/9.6423015Tax Lite! https://www.taxlite.ca/ AppStore link - https://apps.apple.com/ca/app/tax-lite/id6447789656Google Play store link - https://play.google.com/store/apps/details?id=app.taxlite.appMORE FROM HENRYOur Family Office: https://ourfamilyoffice.caLinkedIn: Henry Shew HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:My website! Email: [email protected]@tax.chick (IG) LinkedInBe a "Tax Chick VIP"

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