In the budget, the federal government announced a change to capital gains.
Currently, when you have a capital gain on the sale of an investment property, a cottage, only 50% of that capital gain is taxed.
What’s changing is that if you make over $250,000 in one year from a capital gain, so you sell a cottage, and the profit is $400,000 because it’s been in the family forever, your capital gain taxable amount on that changes from 50% to two-thirds. That can make a substantial difference.
Do you think you need to be concerned about it? Let us know. Tell us what you think about this change.
It’s designed to hit the wealthiest Canadians. Do you think that’s where it’s going to land?
Let’s talk now! Contact us!.
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