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."
Sea Bears centre Chad Posthumus has died at age 33.
Alberta’s government is poised to overhaul the province’s auto insurance system, with a no-fault model emerging as the most likely, offered to counter rising premiums.
Next week, Sudbury city council will decide how to rehabilitate the College Street underpass, which was built in 1949.
A Toronto-area woman who was defrauded out of $158,000 in a roofing scam over the summer received about half her money back following a tip from a CTV News viewer.
It's official — Quebec has set a new record for the most stolen vehicles recovered in one year by Canadian border agents.
Facing criticism for requiring health care workers with two jobs within the public system to choose one to comply with labour laws, Santé Québec has announced a one-year extension to the transition period.
The consortium responsible for building Ottawa's new north-south line, TransitNext, says it is ready for the City of Ottawa to begin the final phase of approvals before opening the line to the public.
Former Saskatchewan Party MLA Greg Lawrence has been sentenced to 12 months probation – after pleading guilty to one count of assault.
Several thousand British Columbians remain in the dark Wednesday morning after a windstorm known as a bomb cyclone slammed coastal communities.
A man who plead guilty to a double stabbing in 2015 will soon be out on statutory release, but he'll have to follow some strict conditions set out by the parole board.
A school bus hit parked vehicles and pushed one into a Middle Sackville, N.S., home Wednesday afternoon.