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Time to sell your investment property? Claim your cottage as a principal residence? How to navigate the capital gains tax changes

Veuillez noter que cet article se trouve sur une plateforme tierce et qu'il n'est disponible qu'en anglais.

The new rules affect individuals realizing a profit of more than $250,000 on the sale of any asset, including a cottage, investment property or a second home.

The reaction from most of financial adviser Jason Heath’s clients has been concern and confusion since the federal government announced an increase in the capital gains inclusion rate, a change that would give many Canadian’s who own a second property a bigger tax bill when they decide to sell. 

Click here to read the full article by Clarrie Feinstein, originally published on Toronto Star on April 28, 2024, featuring insights from Aaron Hector, Private Wealth Advisor, Financial Planner.

The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability or its contents or for any consequences arising from its use.