Capital Gains tax on principal residences
The fact this has even been floated by the Liberal Government really concerns me, they deny they are going to implement it but they discussed it.
“Another idea that has emerged from housing town halls is a sliding scale on the Capital Gains Tax on the sale of principle residences. A 50% tax after one year of ownership, 25% after two years, 15% after 3 years, 10% after 4 years, 5% after five,” is the idea, which is pitched as a way to prevent house flipping.
Re: Capital Gains tax on principal residences
I’m going to go polish my Conservative sign.
Re: Capital Gains tax on principal residences
Of course they claim it was only an idea that was brought up at a town hall meeting.
They have no intention of implementing the program...right...
How many ways can they find to collect tax to pay for never ending deficits?
We hit the early poll yesterday, can't wait for the results...worse than his father and that's saying a lot.
Re: Capital Gains tax on principal residences
First I'm heard of it. There are already rules in place to catch house flipping and in case you missed it -- starting in 2016 you have to declare the sale of your principal residence even though there's no tax to pay.
Re: Capital Gains tax on principal residences
Quote:
Originally Posted by
Redthies
I’m going to go polish my Conservative sign.
Im going to piss on a Liberal sign.
Re: Capital Gains tax on principal residences
Quote:
Originally Posted by
Redthies
I’m going to go polish my Conservative sign.
Cast my Vote for them yesterday mid-day.
From what the folks at the polls said, methinks the turn-out this time around will be rather large - at least locally.
Hopefully the same all over the West!
Cheers,
Nog
Re: Capital Gains tax on principal residences
Voted early today..as yesterdays turnout here was very brisk..45 minute wait.
Hope this is good news for Canada.
Srupp
Re: Capital Gains tax on principal residences
Quote:
Originally Posted by
campking
The fact this has even been floated by the Liberal Government really concerns me, they deny they are going to implement it but they discussed it.
“Another idea that has emerged from housing town halls is a sliding scale on the Capital Gains Tax on the sale of principle residences. A 50% tax after one year of ownership, 25% after two years, 15% after 3 years, 10% after 4 years, 5% after five,” is the idea, which is pitched as a way to prevent house flipping.
What a load of horse-crap! CRA has more or less declared a war on primary resident “flippers”,targeting builders real estate agents and anyone who has a “pattern” of turning over primary residences for profits. Punishing most people with another tax isn’t the answer,if you have to sell B.C. of financial reasons,health reasons,family has outgrown your house or family has all left and you need to downsize,or any other reason,and your house value has increased why should you be punished with a tax,ridiculous!!! Almost as smart of an idea as their gun control......
Re: Capital Gains tax on principal residences
Knowing what a bunch of outright liars the Liberals are I am sure they already have the frame work for taxing capital gains on primary residences. And if they do form a minority government the other communist parties, Greens and NDP will be in bed with them. And the Bloc will negotiate an exemption for Quebec. Hopefully voters will re-install sanity in Ottawa on election day!
Re: Capital Gains tax on principal residences
Pretty sure the people doing the majority of house flipping are the same wealthy people that hire lawyers to avoid paying their taxes anyway.