The federal budget tabled earlier this week includes increases on capital gains taxes for people selling property that is not their primary residence. It's a...
TL;DW
If it’s your primary residence, zero.
If it’s a revenue generating secondary property, an extra 20k for every 400k of gains.
I love that the “wealth manager” they interviewed is making such a big deal about how it will affect people who would never have need of his services because they’ll never have wealth, let alone enough to need management. Playing up the “imagine being taxed because your mom died!” angle.
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Imagine being taxed because you sold your mom’s house, months or years after she died.
What next? Eliminating property tax because the property was once owned by someone who has since died?
Imagine a new lead-in. The fleek litchally base lul crowd has overused that phrase so much it’s now a misophonia trigger.
But it wasn’t her house. Shortly after mom passed on, it’d be Your house. That’s how inheritance works.
Touche.
Imagine you sold your spare house, months or years after your mother died.
Jokes on him, I’d pay nothing because that’s my only hope (very much for lack of a better word) at owning my own home.
But I have fond memories of
my motherimagining how much money I’ll make selling this house.