The federal budget was revealed a few days ago. The lengthy budget reforms included many changes, the most noteworthy were to capital gains taxes.
Although I am still waiting for clarification from my accountant on particulars, to the best of my knowledge the highlights are:
1-Capital gains will be 66.6% on any gains over $250,000 after June 25, 2024. They used to be 50%.
2-The $1,000,000 capital gains exemption will be raised from $1,000,000 to $1,250,000.
What does this mean for farmers and owners of farmland?
In short, this means a lot more tax for anyone selling land that has a capital gain applicable.
If you have been considering selling land where a capital gain applies, you may want to consider selling it before June 25, 2024. Land prices are at record high prices, we have buyers in hand looking for all different types of farmland! Call us today to hear how we can support you with your farm sale!
The link below has more detail about the changes to the capital gains exemption.
Ted is always happy to meet new people and to explore new opportunities. He is your expert in the field!
Feel free to call 1-306-986-7255 or email ted@cawkwellgroup.com
For more information about Ted and the rest of the team, visit our website to download our Buyers and Sellers Information Packages and learn how the Cawkwell Group can be beneficial in helping you buy or sell farmland real estate in Saskatchewan!
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