IN THE NEWS | Capital Gains = Loss
ON THE HORIZON | Bank Of Canada Announcement
DIVORCE | Asset Division
MARKET UPDATE | Stats From May 2024
SNAPSTATS | Download Your Report
NEWSREAL | APRIL 2024
IN THE NEWS
HOW CAPITAL GAINS COULD AFFECT REAL ESTATE DEVELOPMENT |
On Monday, Deputy Prime Minister and Minister of Finance Chrystia Freeland introduced the legislation that would bring forth the changes to how capital gains are taxed, a change that has been highly controversial since it was first revealed in April. The change would come into effect on June 25 and increase the capital gains inclusion rate — the amount of capital gains that are taxable — from 50% to 66.67% on capital gains above $250,000 for individuals. Capital gains from the sale of a principal residence will remain exempt, but the tax hike would apply to the sale of secondary homes and recreational properties. The Government of Canada has branded the change as one that will "deliver tax fairness for every generation" and the change is projected to raise over $19.4B over five years that will pay for the various housing initiatives introduced in Budget 2024. |
ON THE HORIZON
CURRENT MARKET TRENDS
| WHERE ARE INTEREST RATES HEADED | |
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AHEAD
PLANNING
QUESTION:
How are assets divided in divorce or separation?
Key Takeaways
- In most cases, property accumulated during the marriage will need to be split equally between the spouses.
- Debts also need to be split equally between spouses.
- Marriage contracts and cohabitation agreements can dictate a division of family property that is different than what the law provides.
- Each situation is unique but it’s usually important to work through the process with legal advisors.
Courtesy Canada Life
DIVORCE BASICS:
When it comes to dividing your property as part of your divorce or separation, generally each person continues to own any property acquired before the marriage. However, property acquired during the marriage and any increase in value during the marriage of assets acquired before the marriage, will need to be equally divided.
Every situation will be unique depending on what assets you have, what type of relationship you had, the province where you live, and what you and your partner may have agreed upon before and during your marriage.
Inheritances either person received during the marriage may be excluded from the property to be divided. Other types of property may also be ex-cluded or exempt from division, depending on the applicable provincial law.
The general rule is that the net value of the family property (the value of the property owned by the spouses minus any debts and excluded property) be equally divided between both spouses in a divorce. However, the actual assets or value received by each partner will not always be the same and will vary depending on the circumstances of each case and the applicable provincial family law.
FRASER VALLEY STATS | MAY 2024
CONDOS | Year Over Year Price - Up 2.9%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
TOWNHOMES | Year Over Year Price - Up 3.4%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
HOUSES | Year Over Year Price - Up 2.9%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
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