Man from Tweed, Ont. selling home due to wife's passing set to face higher capital gains tax
Terry Sutherland is trying to sell his home in Tweed, Ont., but he'll likely be hit by the capital gains tax rise.
In the 2024 federal budget, the government detailed that after June 25, the capital gains inclusion rate — the portion of capital gains on which tax is paid — for individuals with more than $250,000 in capital gains in a year will increase from 50 per cent to 66.7 per cent.
"The tax people said it was going to cost me over a hundred thousand next year," explained Sutherland. "Unless we sell before mid-year."
The capital gains tax is meant to tax property owners on the profit they make if they sell their secondary residence, but the reason Sutherland is selling is because his wife passed away roughly two years ago.
Terry and his wife Shirley permanently moved to Ottawa after she was diagnosed with superficial siderosis, an uncommon brain disease.
"To be near good hospitals," Sutherland continued. "To be near our two sons who live near here. Give me some support."
Terry and Shirley Sutherland photographed together on a cruise. (Terry Sutherland/submitted).
After the move, their condo in Ottawa became their primary residence. As Shirley's health declined, they decided to put their home in Tweed on the market.
"It's too big of a property for me now and there's too many memories there. I'm here, I'm 80 years old and I need the better health care. I have two sons close by; this is where I should be."
The home is listed for just under $1.8 million, and Sutherland has been told he could be on the hook for more than $100,000 in capital gains tax under the new parameters, if the home isn't sold before June 25.
Sutherland says he would be able to afford it, but did not foresee this issue when he put the house for sale in 2023.
Correction
This story has been updated to clarify the changes being made to capital gains taxation.
CTVNews.ca Top Stories
Blockade briefly stops Pride Parade in downtown Winnipeg
A group of protesters briefly blocked the Winnipeg Pride Parade on Sunday.
'The legacy I want to leave:' Mother with Stage 4 cancer advocates for survivors
People around the world are observing National Cancer Survivor Day, an annual celebration held to honour patients who have been through the often difficult and traumatic experience of living with cancer.
Do this once a month and extend your life by up to 10 years. No gym required
Research shows that art experiences, whether as a maker or a beholder, transform our biology by rewiring our brains and triggering the release of neurochemicals, hormones and endorphins.
Ryan Reynolds has declared 'War of the Popcorn Buckets.' He's honestly onto something
Ryan Reynolds this week unveiled arguably the most anticipated and sure-to-be coveted merchandise tied to his upcoming 'Deadpool' sequel: the movie’s novelty popcorn bucket.
Bathroom break nearly derails $22 million project at city council meeting
A brief break during Wednesday's city council meeting in Saskatoon nearly cost the city dearly.
Motorcycle doing wheelies, weaving in, out of traffic caught on Highway 417
A motorcycle driver is facing charges after being caught on Highway 417 doing wheelies and weaving in and out of traffic, the Ontario Provincial Police (OPP) says.
Trump's attacks on U.S. justice system after his conviction could be used by autocrats, say experts
After his historic guilty verdict in his hush money case, Donald Trump attacked the U.S. criminal justice system, making unfounded claims of a "rigged" trial that echoed remarks from the Kremlin.
Oilers expect Stars to push back in Game 6 of Western Conference final
With the chance to close to set a date with the Florida Panthers in the Stanley Cup final, Oilers coach Kris Knoblauch believes his team will have to step up their efforts even more. What was good enough Friday in Dallas won’t be good enough in Game 6.
C.T. Pan uses four caddies, including fan, in fourth round of RBC Canadian Open
Al Riddell was going to go have a quiet Sunday afternoon coffee with his family when his dad asked if he had heard that Mike (Fluff) Cowan, C.T. Pan's caddie, had slipped during the fourth round of the RBC Canadian Open and that a fan had started carrying his bag for him.