Fun with figures by one of Canada’s worst commentators. 1. You have to sell the cottage to be liable for taxation. 2. You have to have maxed out your $500k lifetime exemption. This scare only works if every Canadian cottage and camp owner sells right now.
Fun with figures by one of Canada’s worst commentators. 1. You have to sell the cottage to be liable for taxation. 2. You have to have maxed out your $500k lifetime exemption. This scare only works if every Canadian cottage and camp owner sells right now.
And if people do make big profits on the sale of a cottage, why shouldn’t they pay tax on it, the way people working the night shift at McDonald’s pay tax on their income? Boo-friggin’-hoo.
@MarkBourrie My mind is blown. Blown, I tell you. I have to sell my cottage before I’m taxed?
@MarkBourrie 10% of Canadians own cottages? Her credibility is <0.
@MarkBourrie 500k lifetime exemption? On capital gains? I'm not aware of any such exemption.
@MarkBourrie Simply avoid selling the cottage or dying and you’ll never have to pay cap gains tax on it.
@MarkBourrie Cottages / second property don't count towards the lifetime CG exemption But they're paying capital gains on 50% of the gain up to $250,000 and then on 66% of the gain over $250,000 That's not the tax rate - that's the inclusion rate for the income