Source Feed: The Globe and Mail
Author: Rob Carrick
Publication Date: April 29, 2024 - 17:23
How to calculate a capital gain on your cottage or investment property – and very likely save money on taxes
April 29, 2024
The improvements you make over the years to a cottage or investment property can save you on taxes when you sell.Coming changes to the capital-gains inclusion rate have jolted not just wealthy Canadians, but also people with long-held cottages or a second property owned as an investment. Starting June 25, they will have to pay tax on two-thirds of the capital gain above $250,000; half of gains up to that threshold will be taxable. Currently, the 50-per-cent inclusion rate applies to all capital gains.
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