'I'm not wealthy': Ontario senior shocked she owes $40,000 in capital gains after gifting land

  • 📰 CTVToronto
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 84%

Property Property Headlines News

Property Property Latest News,Property Property Headlines

An Ontario senior who wanted to help her daughter and grandson eventually own homes one day decided to give them two lots on her property as a gift—but she didn’t know it would eventually cost her tens of thousands of dollars.

Liz Diachun, 93, has lived on her farm property in Warkworth for 58 years and said she wanted her family to live in the lots across the road.

One lot has a hydro tower on it and the other is partial wetlands, still they were appraised at $125,000 and $145,000, totalling $270,000. Canada's Finance Minister Chrystia Freeland said in her announcement the changes to the capital gains system will only impact Canada’s richest citizens. Diachun feels the capital gains tax is unfair for families who are trying to help their children own a home.

The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop.

The deputy mayor is pitching a more aggressive approach to deal with tenants who are impacting pest control efforts undertaken by London and Middlesex Community Housing .Parents give back to LHSC trauma team to continue daughter’s legacy With the Edmonton Oilers down two goals late in the first period of Game 4, Rogers Place was quiet, fans seemingly bewildered at the early, quick scoring of the Dallas Stars and the slow start by the home team. Ryan McLeod's marker with six-and-a-half minutes in the opening frame left changed all that.Spring sitting ends with passing of contentious bills granting province more power

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in PROPERTY

Property Property Latest News, Property Property Headlines