https://thecountersignal.com/elderly-woman-land-gift-hit-with-40000-capital-gains-tax/

A 93-year-old woman trying to gift land to her kids has been hit with Trudeau’s new capital gains tax and fears she can’t afford to help her family anymore.

Elderly woman trying to gift property forced to pay $40,000 capital gains tax

“I’m on pension. How am I going to pay for that?” asked Liz Diachun from Ontario.

It’s a good question. According to Diachun, she was just trying to do something nice for her kids, sectioning off two lots so they could build their own homes.

However, she was informed by her lawyer that even though the lots were intended as gifts, they would need to be appraised for possible federal tax purposes.

It turns out that the values of the two lots, one appraised at $125,000 and the other at $145,000, were just high enough to fall under the Liberal government’s new capital gains tax inclusion rate of 66% for anything over $250,000.

And now, she has to pay $40,000 in capital gains if she wants to gift the land to her kids.

“I’m not one of the wealthy. I’m 93 years old,” Diachun told reporters. “Who is going to give me a mortgage? Who is going to give me a loan?” Continue…