Ask the Government to Rethink Proposed Capital Gains Tax Changes

image of Ask the Government to Rethink Proposed Capital Gains Tax Changes

Proposed changes introduced in the 2024 budget will see the inclusion rate for capital gains rise to 66.7% for individuals realizing more than $250,000 in annual capital gains. The federal government insists these new capital gains tax changes will only affect the wealthiest 0.13% of Canadians, but these changes will affect many families that do not fall into this target demographic, and could have a significant impact on cottage owners, particularly those who have had properties in their families for years.

There is currently an opportunity to persuade the federal government to reevaluate these changes as the ...

Proposed changes introduced in the 2024 budget will see the inclusion rate for capital gains rise to 66.7% for individuals realizing more than $250,000 in annual capital gains. The federal government insists these new capital gains tax changes will only affect the wealthiest 0.13% of Canadians, but these changes will affect many families that do not fall into this target demographic, and could have a significant impact on cottage owners, particularly those who have had properties in their families for years.

There is currently an opportunity to persuade the federal government to reevaluate these changes as the government has not yet tabled legislation. Please consider sending an email to your MP to illustrate how this proposed change to the capital gains tax will affect you and the many average Canadian families who have dedicated their lives to maintaining family cottages in Georgian Bay.

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Send an email to your MP

Please use the template below to send an email to your MP to advise why the unintended consequences of this tax increase should be mitigated and any impact it might have on you and your family.

The email below can be sent as is, however, to make your email unique and illustrate the point, GBA suggests you consider adding a personal anecdote about your cottage/family as a second paragraph.

Example:

My family has a cottage in/near ___. We have been coming here for ___ years. This is a special place to my family because ___. This tax increase will mean additional issues for my family because ___.

In addition to your MP, your email will be copied to:

The Right Honourable Justin Trudeau
The Honourable Chrystia Freeland, Minister of Finance
The Honourable Marie-Claude Bibeau, Minister of National Revenue
Jagmeet Singh, Leader, New Democratic Party
The Honourable Pierre Poilievre, Leader, Conservative Party of Canada

For Canadian residents, all you need to do is provide your name, personal email address, and home postal code and the email will be automatically generated to your MP and sent from your email address. You will be able to make edits to the email before sending.

For non-Canadian residents, please use your Ontario postal code (often this will be your nearest post office at the cottage) and your email will be directed to the MP where your cottage is located in Ontario.

Find your local rep

Subject:

I am writing concerning the proposed changes to the capital gains tax and ask you to urge the government to reevaluate the proposed changes. Appropriate mitigation measures should be put in place to ensure that the new tax only targets the ultra-wealthy.

With rising property values over the years, the capital gains triggered on transfer of cottages to the next generation has become more of an issue, and this capital gains tax rate increase will make it more challenging. Although the impact is greater for long-held family cottages, it will also eventually affect new owners of family cottages.

Multiple generations and siblings are sharing the financial burden of rising property taxes, higher maintenance costs, and the overall increased cost of living to be able to keep their much-treasured properties in the family for future generations. That is not the profile of the ultra-wealthy. Over half a million family cottages across Canada are facing similar challenges.

Given that the legislation as written will likely impact a large segment of the Canadian population outside of the target demographic, we are confident that you can put in place appropriate mitigation strategies to ensure that the new tax only targets the ultra-wealthy.

Thank you for your consideration.

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