https://mobile.twitter.com/CPC_HQ/st...31218378747904
Read for yourself.
https://mobile.twitter.com/CPC_HQ/st...31218378747904
Read for yourself.
If you can pack it in, You can pack it out !!!
UNITED WE STAND, DIVIDED WE FALL !!!
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" The secret of change is to focus all your energy, not on fighting the old, but building on the new"
Socrates.
If I sell my principal residence (also my only residence ; if I don't count the travel trailer) I will have to pay capital gains on the bulk of the property. If I had enough money to build a private golf course, spa and swimming pool, for instance, I might not have to since I would need the property to enable my lifestyle. There are a number of issues which make it mandatory to vote Conservative (like getting a leader who is not a clown on the international stage) but this isn't one of them. No government will decide to forego taxes; especially taxes on the middle class. I have always maintained, the only difference between right wing and left wing governments is in where they put the money they take from us. GD
[QUOTE=GreyDog;2123285]If I sell my principal residence (also my only residence ; if I don't count the travel trailer) I will have to pay capital gains on the bulk of the property.
why would you need to pay any capital gains on this?
I thought the whole principal of no capital gains tax on sale of a principle residence is that unlike in other jurisdictions, mortgage interest is not tax deductible in Canada. So, if they wanted to put a tax on sale proceeds, would they then not have to offset this over the years by allowing for home owners to claim a tax deduction during each tax year. What's the point?
Libs are making critical errors this election, ostracizing law abiding gun owners (significant proportion of population) and now home owners who've already worked their asses off to put a roof over their head.
All the money they keep throwing around like fairy dust to special interest groups and other countries has to come from somewhere.....where else they gonna get it. More taxes!! This will be a reality if they get back in.....and sold to the masses with a spin that it is to slow the increasing house prices to help all those younger (voters).....uhmmm.....generations, afford a house.
A few years back we bought a 2nd house. We put 25,000 into fixing it up and sold it. We made a profit of 60,000 so when it came time to do our taxes my wife was concerned about capital gains taxes. The question on the form was did you sell all or part of your principal residence. I answered NO because that was the truth. We sold our secondary residence. We then bought a nicer secondary residence to which we are now fixing up.