What are the changes to the capital gains tax and how will it affect homeowners? | EXPLAINED

Muskoka realtor Catharine Inniss explains the changes coming with the new capital gains tax and how homeowners will be affected.

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[MrWookie]

This title is misleading and the expert is horrible. Why bring a realtor on to talk about taxes? Maybe next we should get a Lawyer to discuss the dental-care program.

[gorgeousgeorge]

I'm so sick of the taxes and constant program announcements. I hope CPC throws most of these out the window and reduce my tax burden.

[millerpestcontrol]

It’s effecting my retirement. I have 2 small properties which are my RRSPs.

[icixie]

I got a pay increase at the beginning of the year, made me happy. Then the pay cheque came and I realized the increase push me up in to the next tax bracket and the increase all of it went in to the taxes. Taxes are out of control in Canada.

[AZ-bpzo]

We Canadians demand an election as soon as possible!

[martinfriesen]

It's not just cottages or stocks. Any corporation who purchased a piece of equipment and later sells it for an amount in excess of cost gets hit with the 66% inclusion.

[NoGattsuNoGlory]

This realtor didn't understand the question at hand....

[theforeman]

The gov no longer works for you, you now work for them. We are only a revenue stream! The whole system needs a shakeup!!!

[frankchiarotto]

A realtor giving tax advice….very misleading information. A tax accountant should have been consulted.

[AHeinermann]

It doesn't affect modest homeowners. Your home is exempt from capital gains tax. Treating housing as if it's a trading card game however...

[acepath]

Audit the trudea family and there friends
Rember the (WE) scandal

[cherylvl]

It’s not only on the sale of the family cottage..it’s also when a cottage property is passed down from parent to child(ren)

[modestacattaruzza]

I am so sick of Trudeau and Singh, go they must.

[dorivaydo]

You can deduct the cost of the property and any improvements made.

[danielmontgomery]

I just got back from a road trip. I drove the whole length of the Bruce peninsula and a large amount of cottages where for sale.

[TheZeeeee]

So does that mean we have to pay capital gain tax on inheritance if it wasn't a primary residence but a secondary home?

[calamityjane]

I'm pretty sure there are taxes on living trusts now, TOO.

[joeymallais]

She tried to work her way around the question.

[zachweyrauch]

It won't. It will affect home sellers.

My house is for living in. I didn't buy it to sell it.

[ZZ_Szabo]

These realtors pushing this should be sued for the bad advice they orocide their clients.

For most oeople the sale of these properties is a once in a decade sort of windfall. Therefor, you can use your Caoital Gains resrrve to structure the income over up to five years abd stay at the 50% inculsion rate. But then youd have you would have to hire someone compitent to sell your property or do your taxes.

The only oeople really are not abale to avoid this are those who have more than 1.25 nillion in caoital gains within a five year period. The not so mythical 0.13%. anyobe else affected is likely desperate enough for the cash tontake the hit, or has terrible realtors abd accountnts working for them.