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.
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