You have to sell a cemetery plot—will you owe capital gains tax? + MORE May 21st

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Canada’s inflation rate falls to 2.7% in April, driving up odds of June rate cutCanada’s annual inflation rate fell to 2.7% in April amid a broad-based slowdown in price growth, boosting expectations of an interest rate cut next month.

Statistics Canada said the slowdown from 2.9% in March was led by food prices, services and durable goods.

Tuesday’s consumer price index report bears good news for the Bank of Canada, which has been looking for a sustained decline in inflation toward its 2% target.

And for economists who have been expecting the central bank to deliver the first rate cut in June, the latest data has made them more confident in their call. 

Financial markets have also upped the odds of a rate cut next month to more than 50%.

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Ask MoneySense
I am the executor of an estate that includes an empty cemetery plot. Is this plot subject to a capital gains tax when I sell it for the estate beneficiaries?

—Brian

Taxes on the sale of a cemetery plot

As real estate prices have risen and as vacant land for cemeteries in big cities has become scarcer, supply-and-demand dynamics have pushed up values for graves and lots. Cemetery plots in areas like Toronto can be worth upwards of $50,000.

Many non-financial assets depreciate in value. Cars, furniture and other such assets tend to be worth less over time, and they are generally not subject to capital gains tax. However, there may be exceptions, such as collector cars, jewellery, artwork or antiques. You may have to report a capital gain on the sale of personal-use property that has increased in value.

To calculate the capital gain—or loss, as the case may be—there are three rules:

If the adjusted cost base (ACB) is less than $1,000, the ACB is considered to be $1,000…

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Canada’s annual rate of inflation, as measured by the Consumer Price Index (CPI), fell to 2.7% in April, down from 2.9% in March. The rate is now the lowest it has been in three years.

The Bank of Canada (BoC) closely monitors the rate of inflation in Canada and aims to keep it within a target range (more on this below). The latest inflation data is good news for Canadians who hope the BoC will lower its benchmark interest rate on June 5, the date of its next interest rate decision.

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Read more about inflation

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