Budget 2015 proposes to increase the Lifetime Capital Gains Exemption to apply to up to $1 million of capital gains (an increase from the current $813,600) realized by an individual on the disposition of qualified farm or fishing property. This measure will apply to dispositions of qualified farm or fishing property that occur on or after Budget Day.
The Lifetime Capital Gains Exemption applicable to capital gains realized on the disposition of qualified farm or fishing property will be the greater of (1) $1 million; and (2) the indexed Lifetime Capital Gains Exemption applicable to capital gains realized on the disposition of qualified small business corporation shares.
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