Question
The life time capital gains exemption limit (LCGE) should now be $1.25 million as of June 24, 2024 in Canada. It is not in TurboTax, why?
The captial gains inclusion rate has been increased from 50% to 66.7% in TurboTax for captiasl gains after June 25, 2024, but the corresponding increase in the LCGE limit has not been changed to $1.25 million. Although not passed into law yet, CRA will be implementing both these changes effective June 25, 2024.
