9 THE BRANDON SUN • Lake Life • SATURDAY, MAY 25, 2024
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If and when the updated legislation would come into effect, it would tax profits on capital gains of more than $250,000 at almost 67 per cent, up from the prior rate of 50 per cent. For some sellers, it would result in an increased tax bill on capital gains. However, Kyle said he expects the changes to capital gains taxes are expected to have minimal impact on cabin owners. “I don’t believe so,” he said. “The impact of capital gains taxes on cabin sales is minimal, particularly for individu- als with secondary residences.” Bazylo added that most of the sellers are long-standing residents in Clear Lake who are finding themselves less able to frequent their properties. Brandon Area Realtors executive officer Jen Anning agreed with Bazylo on the impact of the recent changes in capital gains regulations. While acknowledging the lack of concrete market data at this early stage, Anning emphasized the importance of in- dividualized advice for cabin owners considering buying, selling, or holding onto their properties. “We refrain from providing generic advice to all cabin owners,” she said. “Instead, we recommend consulting with a realtor to explore individual options and determine the most suitable course of action.” Exploring the appeal of Clear Lake beyond its shoreline, Kyle listed the attractions. » Continued on Page 10
Since the COVID-19 pandemic, area realtor Kyle Bazylo says there is a notable uptick in interest in rural proper- ties, particularly in areas like Clear Lake. (Submitted)
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