82
Capital gains tax 'last thing the Canadian economy needs,' say business groups
(ca.finance.yahoo.com)
this post was submitted on 18 Apr 2024
82 points (88.0% liked)
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How does principal residence work when you are moving and the related buying and selling?
No capital gains on principal residence. It would only come up on things like rental properties, cabins, or any other second property.
There’s also things like of a person has RRSP room and ends up in the edge case where this comes up just once or a few times in their life, they can use that to hold off the income tax until they can claim it at a lower tax bracket. If one isn’t put over by a single sale, (say selling multiple rental properties at retirement) they could spread those sales over multiple years to maximize that first $250k rate.