Since the capital gains on the individual, personal tax return is defined according to each individual, not according to a family or a household—that's how our tax system works—then each individual claiming a capital gain will be able to access all of those exemptions and thresholds. That includes the $1.25-million lifetime exemption for farms and small business that can go to each member of a family. Then, the annual $250,000 threshold before you move into the 66% inclusion rate can also be claimed by each member of a family.
A good example is a cottage. We hear a lot about cottage owners and a cottage that's in the family: Well, if it is in the family and owned jointly, then that $250,000 threshold can apply each year for each individual in the family. On top of that, we, of course, have a bit of an income-averaging system in our capital gains system, the capital gains reserve, which generally allows you to average out one-time capital gains over five years or, in the case of passing property to your children, even longer. The stackability across members of the family and the potential for averaging over multiple years means that most people with a second home are going to be able, I think, to avoid the 66% inclusion rate entirely and to continue to pay capital gains at the existing 50% rate.