Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

Would the capital gains tax change actually pass?

Whether a proposed change to Canada's capital gains rules actually passes is a federal legislative question, and no realtor or website can predict a vote outcome. What is already certain, regardless of that outcome, is that the Canada Revenue Agency's principal residence exemption keeps the profit on the home you actually live in outside capital gains tax entirely.

The proposed change under discussion targets a higher inclusion rate on gains above a threshold, and it is aimed at secondary properties, rentals and investment real estate, not the house a family actually lives in, since that gain is already taxed at only 50 percent of the profit under current rules, before any exemption is even applied. If it passes, an owner-occupied Saskatoon sale is not affected any differently than it is today.

Where it would matter is a second property: a cottage, a rental unit, or a home you did not designate as your principal residence, since that sale could face a higher taxable share of the gain if the change goes through. Whether that happens is worth watching, but it changes nothing for the home you live in.

If you own more than one property, talk to an accountant before you list so the tax picture is settled either way, not after an offer arrives. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

Still have a question?

Ask Joel directly. No form, no obligation, and a real answer even when the answer is that now is not the time to sell.