Although the federal government has announced that the new capital gains tax changes will only affect the wealthy, "middle-class" cottage owners are worried about selling their property and being taxed on the gains, according to some real estate agents. With new capital gains tax rules coming into effect on June 25, some property owners are worried about the extra money they will have to pay the government when they sell their property. If a cottage was bought for $250,000 and later sold for $750,000 So, under current tax laws, $500,000 would be a capital gain.

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