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Ask the experts: From cottages to condos — proposed changes to the capital gains tax

Jamie Golombek and Scott McGillivray answer top questions around changes to the capital gains tax when selling or transferring real estate.

Jamie Golombek and Scott McGillivray Jun. 03, 2024 30-minute play time

Transcript for the video From cottages to condos — proposed changes to the capital gains tax. Opens in a new window.

Key takeaways from this video:

The proposed changes

The federal government has proposed an increase in the “inclusion rate” from 50% to 66.67% on capital gains above $250,000 for individuals.

Who will be impacted?

These changes could impact several Canadians, including individuals, incorporated businesses or investors looking to sell secondary or vacation properties.

Wealth planning considerations

The biggest opportunity is to realize capital gains prior to June 25, 2024. If you own real estate property, such as a cottage, the ability to realize a capital gain is not as simple and should be discussed with your tax and legal advisors.

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Written by

Jamie Golombek, FCPA, CPA, CA, CFP, CLU, TEP
Managing Director, Tax & Estate Planning, CIBC Private Wealth

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Scott McGillivray
Trusted contractor, savvy real estate investor and celebrated TV personality

Ask the experts: From cottages to condos — proposed changes to the capital gains tax

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Key takeaways from this video:

The proposed changes

Who will be impacted?

Wealth planning considerations

Ready to reach out?

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