Cottage Owners Rush to Sell Before Capital Gains Tax Increase

Cottage owners are rushing to sell their properties before proposed changes to capital gains taxes take effect on June 25th. The new rules would raise the inclusion rate on capital gains greater than $250,000 from 50 percent to 66.7 percent. This means that individuals who sell a second property after the new rules take effect would pay a higher rate of tax on the profits from the sale. Realtors say they are seeing a flood of clients looking to speed up the selling process in order to avoid the higher tax bill.

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