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
Iran President Ebrahim Raisi found dead at helicopter crash site, state media says
Iranian president, the country’s foreign minister and others have been found dead at the site of a helicopter crash Monday after a search through a foggy, mountainous region of the country’s northwest.
Court eases internet restrictions for Sask. man who matched with a 15-year-old girl on Tinder
A Saskatchewan man who had a sexual encounter with a 15-year-old girl he met on Tinder successfully appealed to shorten release conditions barring him from online dating.
Stittsville residents seeking answers as bylaw cracks down on street basketball nets
Stittsville residents on Kearnsley Way are seeking answers after an unusual bylaw crackdown on Friday. Every home with a basketball net received a ticket instructing homeowners to remove their nets from the road.
'A horrible way to start the summer': 3 killed in serious boat crash on lake north of Kingston, Ont.
Three people were killed and five others were injured Saturday night following a boat crash on the Buck Bay area of Bobs Lake, north of Kingston, Ont., the Ontario Provincial Police (OPP) said.
What do we know so far about the mysterious crash of the helicopter carrying Iran's president?
The apparent crash of a helicopter carrying Iran's president and foreign minister on Sunday sent shock waves around the region.
Ex-partner charged with first-degree murder after 55-year-old woman killed in Montreal
Less than 24 hours after Montreal's 12th homicide investigation began, Montreal police confirmed that a 55-year-old woman's death in St. Michel is the island's 13th homicide. The woman's ex-spouse has been charged with first-degree murder.
Walmart, Costco refusing to sign grocery code of conduct 'untenable': industry minister
Industry Minister Francois-Philippe Champagne says it's 'untenable' for 'smaller players' like Walmart and Costco to delay signing on to the government- and industry-led grocery code of conduct, now that industry giant Loblaw has agreed to do so.
VIDEO Born without front legs, this dog has been inspiring the world for 3 years: Dresden farm owner
A sanctuary dedicated to animals with disabilities is celebrating the third birthday of one of its most popular residents.
Toxic drugs circulating in northeastern Ont., police say
Canada’s largest First Nations police service, the Nishnawbe Aski Police Service issued a community safety alert as extremely toxic drugs are likely circulating in many of the communities it serves.