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GCSE, Green Chencinski Starkman Eles LLP Chartered Accountants, is a full-service, public accounting firm, primarily serving the small and mid-size, entrepreneurial business and professional sectors in Toronto Canada. GCSE’s experienced partners and professional, support staff strive to provide accounting and advisory services using an invaluable personal approach, designed to meet each client’s individual needs. This “personal touch”, combined with a full range of accounting, auditing, tax compliance and planning services allows GCSE to meet all your business and personal accounting requirements.

 
     
     
 
     
  Lifetime Capital Gains Exemption Increased

The lifetime capital gains exemption will be increased from $750,000 to $800,000 in 2014. In addition, the limit will be indexed to inflation after 2014.

The exemption may be claimed on capital gains realized on the sale of qualified small business corporation shares, farming and fishing property. Many taxpayers who have previously claimed the maximum capital gains exemption will now have the opportunity to claim the additional exemption amount each year. The extra $50,000 of exemption limit in 2014 may translate to a savings in tax of up to $12,500. It may be appropriate to speak to your tax advisor about triggering additional eligible capital gains.
 
     
 
     
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