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
![](https://www.ctvnews.ca/polopoly_fs/1.6895423.1716330180!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
From AI running wild to collapsing ecosystems, government report outlines future disruptions
From artificial intelligence running wild to collapsing ecosystems, a new Canadian government report outlines 35 disruptions that could rattle the country in the near future.
B.C. serial killer Robert Pickton hospitalized after prison attack
British Columbia serial killer Robert Pickton was attacked and sustained life-threatening injuries in a Quebec prison Sunday in what officials described as a 'major assault.'
opinion Tom Mulcair: With Trudeau spiralling, Mark Carney waits in the wings
In his latest column for CTVNews.ca, former NDP leader Tom Mulcair argues that if there's an unofficial frontrunner in the eventual race to replace Justin Trudeau as Liberal leader, it has to be former Bank of Canada governor Mark Carney.
Toronto Blue Jays fan struck by 110 m.p.h foul ball offered tickets, signed baseball by team
The Toronto Blue Jays have offered tickets and a signed baseball to a fan who says she was struck in the face by a 110 m.p.h (177 km/h) foul ball at Friday’s game.
Matthew Perry's death is being investigated over ketamine level found in actor's blood, reports say
An investigation has been opened into the death of Matthew Perry and how the “Friends” actor received the anesthetic ketamine, which was ruled a contributing factor in his death.
OPP continues to investigate boat collision north of Kingston, Ont. that left 3 people dead
Ontario Provincial Police continue to investigate a long weekend fatal boat collision on Bobs Lake, north of Kingston, Ont.
Police in Ontario say suspects charged in armed home invasion near Toronto part of 'larger criminal network'
Police in Ontario say a group of suspects charged in an armed home invasion north of Toronto last year were driving a vehicle stolen in a carjacking in Calgary just one month earlier.
Stolen septic truck swerves through traffic, spike belt needed to stop it: Manitoba RCMP
A 29-year-old woman has been charged after police say she stole a septic truck from a Manitoba community and drove erratically on the highway.
Orphan orca's extended family spotted off northeast side of Vancouver Island
Members of a killer whale pod related to an orphan orca calf that escaped a remote British Columbia tidal lagoon last month have been spotted off the northeast coast of Vancouver Island.