Canada Revenue Agency (CRA) recently released the 2024 T5 (Statement of Investment Income). There are several important changes related to the mid-year capital gains inclusion rate increase. For 2024, Box 34 has been added under ‘Other Information’ to report capital gains dividends realized from January 1, 2024 to June 24, 2024 (Period 1). The instructions for Box 18 have also been updated. For 2024, Box 18 should only be used to report capital gains dividends realized after June 24, 2024 (Period 2). Other changes include the revision date and editorial changes throughout the form and instructions.
The tax year 2024 T5 can be found here.
