67% capital gains tax in Canada's Liberal budget drives potential cottage sales surge, causing increased property listings and early closing dates.
The proposed capital gains tax in Canada's Liberal budget, set at a 67% rate for profits over $250,000, has led to a potential surge in cottage sales as sellers aim to avoid the hefty tax bill. This has resulted in increased property listings and earlier closing dates, especially in areas like Cape Breton. Real estate agents advise potential buyers to plan carefully, including consulting with accountants or lawyers before purchasing.
April 28, 2024
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