Both individuals and small businesses must understand the key tax changes in 2024 that can impact their financial strategies. Significant updates include an increase in the Lifetime Capital Gains Exemption to $1.25 million, enabling individuals to shield more of their capital gains from taxes when selling qualified business shares, farm property, or fishing property. The introduction of the Canadian Entrepreneurs’ Incentive also provides reduced capital gains tax rates for qualifying small business owners. To ensure that you are making the most of these new tax benefits for 2024, consulting Dexado Accounting and Tax can help you navigate these updates and optimize your tax strategy.