RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:FP TAKE On Capital Gains CHANGES For 2024mrbb...a lot of collectibles are not sold at auctions but through private sale or by collectors buying what's called a lot which is a big box of collectibles usually in an estate sale. Many antique stores buy things that way. As an example, I know of someone who collected Moorcraft pieces all his life buying this and that in country stores where people didn't what they had. He was once was in a country store and they had a box of lids in the basement and he bought the box for $10. He matched the lids with some of his pieces that didn't have lids and the resulting value went up 500%. When he died, his family sold the collection privately through the "collector" network for 7 figures. Don't know for sure, but I doubt that they reported it on his final income tax return in part because they had no idea what the cost base was I am pretty sure that CRA wouldn't know either if they found out about the sale.
In addition, in terms of CRA finding out about it, they would need an army of additional agents since many things can be bought and sold internationally. Frankly, a lot this actually depends on the honesty of the people filing their tax returns.
The real point in all this is that many times Governments make laws but there is really no practical way to enforce the law.