Capital gains tax
1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).
Income Tax Law, 2/e$75.00 – $120.00
A tax levied on the profits from the sale of capital assets or the deemed sale of capital assets. Capital gains are taxed at one half (2011) of the full income tax rate in Canada. There is a $750,000 exemption for capital gains on small business shares and qualified farm property. A taxpayer’s principal residence is not subject to capital gains taxation.