Man from Tweed, Ont. selling home due to wife's passing set to face higher capital gains tax
CTV
Terry Sutherland is trying to sell his home in Tweed, Ont., but he'll likely be hit by the capital gains tax rise.
Terry Sutherland is trying to sell his home in Tweed, Ont., but he'll likely be hit by the capital gains tax rise.
In the 2024 federal budget, the government detailed that after June 25, the capital gains inclusion rate — the portion of capital gains on which tax is paid — for individuals with more than $250,000 in capital gains in a year will increase from 50 per cent to 66.7 per cent.
"The tax people said it was going to cost me over a hundred thousand next year," explained Sutherland. "Unless we sell before mid-year."
The capital gains tax is meant to tax property owners on the profit they make if they sell their secondary residence, but the reason Sutherland is selling is because his wife passed away roughly two years ago.
Terry and his wife Shirley permanently moved to Ottawa after she was diagnosed with superficial siderosis, an uncommon brain disease.
"To be near good hospitals," Sutherland continued. "To be near our two sons who live near here. Give me some support."
