Own a cottage or investment property? Here’s how to navigate the new capital gains tax changes

New rules for taxing capital gains mean quick decisions are required for cottages that families have owned for decades, and investment properties as well.Until June 24, you can sell a second property or cottage and pay tax on just half your capital gain, however much it is. After that date, new rules introduced in the recent federal budget will increase the inclusion rate on capital gains greater than $250,000 to two-thirds. Capital gains of this size can easily be envisioned in the property market after the massive price gains of the past 10-plus years.