This is just another reason to invest outside of Canada against your will because at least they have tax incentives and advantages for foreign property investors and do not squeeze you until you Pop! Thanks God bless!
The inclusion rate has changed several times over the years. It was 75% in the 1980s and higher in the 1990s, in spite of this the Canadian economy has grown significantly in those decades. Invest wherever you want. Canada has been a great place for me to live and invest.
That would be ideal if possible. There are going to be some people who were already planning to sell due to retirement or other reasons and who may have no other choice.
@@LivingInVancouverBC I just retired my plan was to sell two small condos this year to finance my retirement I should of kept working and not made room for someone else to move up!
My parents had a cottage, it was owned by them for 60 years, starting in around 1982 there was a “valuation day” after that point capital gains would apply to the gain. My dad spent decades worrying about the capital gains tax whenever the cottage would be sold or turned over to the children as an inheritance. It was a constant worry. He and my mom enjoyed the cottage until he passed away in 1999 having enjoyed the cottage for 43 summers, he never had to pay the tax in spite of the worrying. My mom was the successor owner, she enjoyed the cottage for another 17 summers. She sold, declared the cottage to have been her principal residence, paid capital gains on her house. Everything is good, why would you worry?
Investors are screwed ☺️ the carrying costs are through the roof and now they are going to have to wait at least another 18 months until the next election to possibly have this reversed? Good luck!
can someone please help to understand, i have one(First) home which is primary home where i am living, i bought 12 years ago, now i am in stage to buy second home which will be our primary home, i have no plan to hold two home at all, but as market is not seller market, i am planning to hold temporarily my first house atleast 2 years , than i will sell it , now when i sell first home which has a significant growth, is this new rule applicable on this ?
You would declare your existing home to have been your principal residence up until you purchase your second home then your second home becomes your principal residence. When you sell your first home in a couple years you would have possibly had a capital gain in those two years, this would be your taxable capital gain on that property not for the years you lived in it.
@@waffles1ca thanks for reply, Apricaited, if you don't mind can you elobarate with numbers ? at present i lives in home(primery) i bought 12 years ago 350K , today's(April 2024) market value is 1M , now i buy my secnod house in June 2024 moved in so new house will be my primary house from june 2024 , and i hold my older(first) house till June 2026(2 years) how to determine the capital gain ? will they consider capital gain 1M - 350K =650K ? sorry if it sound stupid but i understand simple language... thanks again
I would recommend getting advice from your accountant on this. I'm not able to give advice in this area. I believe @waffles1ca is correct in their response above.
@@TVTV-gq8oj get your existing home appraised when you move to your new home. Your capital gain on your first home would start when it’s no longer your principal residence. So your gain up to June 2924 should be zero as long as you lived in that house from the time you bought it.
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This is just another reason to invest outside of Canada against your will because at least they have tax incentives and advantages for foreign property investors and do not squeeze you until you Pop! Thanks God bless!
The inclusion rate has changed several times over the years. It was 75% in the 1980s and higher in the 1990s, in spite of this the Canadian economy has grown significantly in those decades. Invest wherever you want. Canada has been a great place for me to live and invest.
I heard friends saying no matter what, don't sell...
That would be ideal if possible. There are going to be some people who were already planning to sell due to retirement or other reasons and who may have no other choice.
@@LivingInVancouverBC I just retired my plan was to sell two small condos this year to finance my retirement I should of kept working and not made room for someone else to move up!
@@photoMorg Thanks for sharing your story!
Thanks - God Bless
The policy's greatest impact will be on legacy housing.
My parents had a cottage, it was owned by them for 60 years, starting in around 1982 there was a “valuation day” after that point capital gains would apply to the gain. My dad spent decades worrying about the capital gains tax whenever the cottage would be sold or turned over to the children as an inheritance. It was a constant worry. He and my mom enjoyed the cottage until he passed away in 1999 having enjoyed the cottage for 43 summers, he never had to pay the tax in spite of the worrying. My mom was the successor owner, she enjoyed the cottage for another 17 summers. She sold, declared the cottage to have been her principal residence, paid capital gains on her house. Everything is good, why would you worry?
Not only real estate dreams - ask your doctor or accountant how their retirement planning is going.
Investors are screwed ☺️ the carrying costs are through the roof and now they are going to have to wait at least another 18 months until the next election to possibly have this reversed? Good luck!
Thanks for watching and sharing your thoughts.
can someone please help to understand, i have one(First) home which is primary home where i am living, i bought 12 years ago, now i am in stage to buy second home which will be our primary home, i have no plan to hold two home at all, but as market is not seller market, i am planning to hold temporarily my first house atleast 2 years , than i will sell it , now when i sell first home which has a significant growth, is this new rule applicable on this ?
You would declare your existing home to have been your principal residence up until you purchase your second home then your second home becomes your principal residence. When you sell your first home in a couple years you would have possibly had a capital gain in those two years, this would be your taxable capital gain on that property not for the years you lived in it.
@@waffles1ca thanks for reply, Apricaited, if you don't mind can you elobarate with numbers ? at present i lives in home(primery) i bought 12 years ago 350K , today's(April 2024) market value is 1M , now i buy my secnod house in June 2024 moved in so new house will be my primary house from june 2024 , and i hold my older(first) house till June 2026(2 years) how to determine the capital gain ? will they consider capital gain 1M - 350K =650K ? sorry if it sound stupid but i understand simple language... thanks again
Thanks for jumping in. 🙌
I would recommend getting advice from your accountant on this. I'm not able to give advice in this area. I believe @waffles1ca is correct in their response above.
@@TVTV-gq8oj get your existing home appraised when you move to your new home. Your capital gain on your first home would start when it’s no longer your principal residence. So your gain up to June 2924 should be zero as long as you lived in that house from the time you bought it.