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Notre-Dame Cathedral Reborn: A Testament to Resilience and Restoration

  After five years of meticulous reconstruction, the iconic Notre-Dame Cathedral is set to reopen its doors to the public on December 8, 2024. The reopening ceremony will take place on December 7, marking a significant milestone in the cathedral's history. The fire on April 15, 2019, caused extensive damage to the historic cathedral, collapsing its iconic spire and causing significant harm to its roof, stained-glass windows, and interior artworks. Despite initial doubts and estimates that the restoration could take up to 40 years, French President Emmanuel Macron's ambitious goal to complete the reconstruction within five years has been achieved. The restoration project, costing around $737 million, was funded by donations from 340,000 individuals across 150 countries. The project involved the efforts of 2,000 artisans and 250 companies, who worked tirelessly to restore the cathedral to its former glory. The new roof and spire have been built using 1,500 trees, including the ta...

Understanding Capital Gains Tax Changes for Inherited Properties


The Canadian federal government recently proposed changes to the capital gains tax, affecting various assets, including real estate. Let’s explore how these changes impact inherited properties.

1. Primary Residence Exemption

  • Scenario: If you inherit your parents’ primary home (the only property they own), it remains exempt from capital gains tax.
  • Explanation: The 2024 budget maintains a capital gains exemption for people selling their primary residence. When your parents pass away, their primary home is considered “sold” to you as the beneficiary. As a result, there are no capital gains taxes due because of this exemption.

2. Investment Properties and Vacation Homes

  • Scenario: If your parents own an investment property or vacation house (not their primary home), the “sale” that occurs upon their passing will include taxable capital gains if the property has accrued value.
  • Responsibility: Estate taxes cover these capital gains, and you, as the inheritor, won’t have that liability yourself.

3. Selling an Inherited Primary Residence

  • Scenario: If you decide to sell your parents’ primary residence after inheriting it, there will be a taxable capital gain if it generates a profit.
  • Consideration: The inclusion rate for capital gains above $250,000 is now 67%, meaning two-thirds of gains beyond this threshold are taxable.

Remember, while these changes may impact your financial planning, consulting a tax expert or lawyer is essential to navigate the specifics of your situation.


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