Canada » Taxes

Income tax	Capital Gains Tax

Income Tax

The proposed personal tax breaks include an immediate $500 increase to the basic personal amount of income all Canadians can earn without paying federal income, a reduction of the lowest personal income tax rate from 16 per cent to 15 per cent effective January 1st 2005, and an increase of the income level at which the top tax rate begins to apply starting in 2010.

Capital Gains Tax

An increase in the money value of a capital asset such as a share, bond, parcel of land, antique or other asset, which results in a profit if the asset is sold. If a share is bought at $26 and sold at $30, there is a capital gain of $4.