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Capital gains tax 'last thing the Canadian economy needs,' say business groups
(ca.finance.yahoo.com)
this post was submitted on 18 Apr 2024
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It doesn't apply to returns from selling your primary residence, even.
The only people outside of the ownership class (landlords, and people who own and peddle stock for a living) who are going to get caught in this are people who inherit an extra house.
So they changed capital gains? Because before it subtracted through years lived in compared to value
Yes. Primary residences are exempt from the increase in the capital gains tax. People selling their primary residence are unaffected by the budget.
I'm in favour of this new taxation structure, but there is a narrow group of people with modest means like my parents who will be disadvantaged by this new tax structure.
They live in the middle of buttfuck-nowhere with a large plot of cheap rural land. Principal residence only covers up to a half hectare of land, given you don't meet certain niche exceptions. The actual house they live in is of little value; 100+ years old and probably to be demolished upon sale. The majority of the property value is in the surrounding land. Not a fortune or anything, but definitely more than $250k, which they'll now need to pay at 2/3 capital gains (they bought it for next to nothing decades ago). Not gonna throw them into financial ruin or anything, but it will somewhat affect what they can afford to move into when they go to sell their place.
Again, I'm in favour of this tax structure, but just wanted to include this anecdote given the idea that this only affects billionaires.
The capital gains increase is progressive, and only applies to the portion of gains that exceeds $250k. So, yeah, they're clearly an edge case, but they're not paying the increase on the whole sale price or anything.