Capital Gains tax on principal residences

[HappyJack]

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.

If you follow tax cases people have been assessed for capital gains on principle residences sold that are on property with more than 1.2 acres. The premise is they bought that much land as an investment, thus it's taxable.

""No. 5: Restriction on the amount of land
The size of land where your primary home sits cannot be greater than one-half hectare (or 1.2 acres) of land. So, if you bought a 10-acre farm and lived in the farmhouse, you wouldn’t have to pay tax on the appreciated value of the farmhouse or on 1.2 acres of the land—because they’d quality for the exemption. However, you would have to pay capital gains tax on the appreciated value 8.8 acres. Now, the CRA has said that you can get apply for a tax exemption on parcels of land that are greater than 1.2 acres, but you will need to prove to that the additional land was required for your use and enjoyment of the property.""

https://www.moneysense.ca/spend/real...nce-tax-rules/

[RyoTHC]

They have to make the hard working Canadian pay for the lazy lefties universal income somehow, sneaking another tax in on the hard working makes sense, no one on any of the liberals handouts are going to be buying or selling a home let alone living in their own !

[limit time]

They have to make the hard working Canadian pay for the lazy lefties universal income somehow, sneaking another tax in on the hard working makes sense, no one on any of the liberals handouts are going to be buying or selling a home let alone living in their own !

they need 1/2 billon to pay for your guns...

[northof49]

Scheer should have been all over this

[mr604]

capital gains on a principle residence? absolute stupidity.... taxing people for saving money and getting ahead?...what is wrong with flipping houses?....does anyone think taking on hundreds of thousands in debt....dealing with city permit officers....dealing with contractors.....realtors....buyers...is easy? Don't get me wrong I am not a house flipper but condemning those that do, or presenting them as making easy money is just bullshit....the tax free residency concept encourages Canadians to buy houses...to get ahead. The only reason house flipping is possible or appealing is due to low interest rates.....artificially low....brought to you by manipulation by governments and central banks....when money is cheap and more importantly artificially cheap then too much risk is taken.....just try flipping...or even buying a $700,000 house in a 7% to 9% prime interest rate.....the shit all these politicians spread is so outrageous...stop trying to take money from hard working risk takers and any other citizen and stop wasting the tax dollars they already scam off them

[j270wsm]

Everything above also makes it easy for foreign people to do the same and drive up the market

[campking]

I found out about it in a pamphlet that was delivered in my local paper and it is highlighted in red so not sure why he did not bring it up in the debate I sure the hell would have, IMO it would have swayed a lot of vote that maybe were on the fence it sure did me.

[campking]

Scheer should have been all over this

I found out about it in a pamphlet that was delivered in my local paper and it is highlighted in red so not sure why he did not bring it up in the debate I sure the hell would have, IMO it would have swayed a lot of vote that maybe were on the fence it sure did me.

[Ride Red]

You already have to pay capital gains on any principle residence if sold sooner than 2 years occupancy. Implementing any other tax as the OP has suggested would cripple our housing market and drive us into recession stagnating any future growth potential short of the wealthy. That’s another reason to get off your ass and vote, plus encourage/help others to do the same.

[northof49]

Darn rights. Should have been pumping this in the “can’t trust JT ads on TV” as well....would have gained a ton of attention for sure.