Members have informed us that some of their clients were incorrectly assessed for the Lifetime Capital Gains Exemption (LCGE) for 2024. The CRA had previously indicated that it would proactively reassess impacted returns. However, members have noted that some clients have not yet received reassessments and have asked for an update.
The CRA has advised us that it is still in the process of issuing corrective reassessments and provided the following timelines:
"The CRA is actively continuing its work on processing corrective reassessments related to the capital gains deduction issue. Based on current estimates, non-complex reassessments are expected to be completed within approximately 10 weeks, while complex reassessments may require up to 20 weeks for completion."
Originally posted on LinkedIn on September 8, 2025
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Ryan Minor
Chartered Professional Accountants of Canada
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