The most talked about personal finance measure to appear in a federal budget in recent years has to be the capital gains tax increase announced last month.
Half of a capital gain is currently taxed. Starting June 25, the 50 per cent inclusion rate will apply to the first $250,000 of a gain and then two-thirds of the remaining gain is taxed. As much as the federal government has tried to present this as a tax-the-wealthy measure, higher capital gains taxes can affect people who simply own a cottage in addition to their family home.
A lot of advice has been issued to help people decide whether to sell assets now to take advantage of a lower tax rate or hang on for the long term.
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