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
Board orders deportation for trucker in horrific Humboldt Broncos crash
The truck driver who caused the horrific bus crash involving the Humboldt Broncos junior hockey team has been ordered to be deported.
Community mourns victims of fatal boat crash near Kingston, Ont.
The three people killed in last weekend's tragic collision between a speedboat and a fishing boat north of Kingston are being remembered Friday.
A woman took her dog to a shelter to be euthanized. A year later, the dog is up for adoption again
Exhausted and short on options after consulting two veterinary clinics, Kristie Pereira made the gut-wrenching decision last year to take her desperately ill puppy to a Maryland shelter to be euthanized.
Group tied to Islamic State plotted fatal Ontario restaurant shooting: Crown
A gunman who is accused of killing a young Ontario man and shooting four of his family members at their small Mississauga restaurant in 2021 was allegedly part of a trio who had pledged allegiance to the listed terrorist group Islamic State, a Crown attorney said in an opening statement in the Brampton murder trial this week.
'A really bad car crash': Why health experts are raising concerns over surging syphilis cases
A sexually transmitted infection (STI) that was once thought to be a thing of the past is now a public health priority for North American doctors.
Purolator truck drivers from Guelph, Ont. save man walking in Hwy. 407 lanes
A pair of Purolator transport truck drivers from Guelph, Ont. are being hailed as heroes for their efforts in helping a person in crisis.
Trudeau responds to American senators calling on Canada to increase defence spending
Stopping short of offering the assurance U.S. senators are seeking, Prime Minister Justin Trudeau said his government is aware there's more work to do in order to see Canada meet NATO's defence spending target.
Toddler dies after being struck by recycling truck in Barrie, Ont. neighbourhood
A toddler has died after being struck by a recycling truck in a Barrie, Ont. neighbourhood on Thursday afternoon.
Milk sold in Canadian grocery stores tested for avian influenza; results released
As avian flu spreads south of the border, Canadian officials are now testing samples of milk sold in grocery stores across the country.