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Thread: Capital Gains tax on principal residences

  1. #1
    Join Date
    Jun 2008
    Location
    Port Moody
    Posts
    325

    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.

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  3. #2
    Join Date
    Jun 2015
    Location
    Born in the 4-9
    Posts
    327

    Re: Capital Gains tax on principal residences

    I’m going to go polish my Conservative sign.
    If we’re not supposed to eat animals, how come they’re made out of meat?

  4. #3
    Join Date
    Sep 2011
    Location
    langley
    Posts
    769

    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.
    My Karma ran over your Dogma.

  5. #4
    Join Date
    Oct 2006
    Location
    Langley
    Posts
    1,269

    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.

  6. #5
    Join Date
    Jun 2011
    Posts
    810

    Re: Capital Gains tax on principal residences

    Quote Originally Posted by Redthies View Post
    I’m going to go polish my Conservative sign.
    Im going to piss on a Liberal sign.

  7. #6
    Join Date
    Sep 2009
    Location
    Port Alberni
    Posts
    6,567

    Re: Capital Gains tax on principal residences

    Quote Originally Posted by Redthies View Post
    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
    http://www.youtube.com/watch?v=zVNNhzkJ-UU&feature=related

    Egotistical, Self Centered, Son of a Bitch Killer that Doesn't Play Well With Others.

    Guess he got to Know me

  8. #7
    Join Date
    Jan 2007
    Location
    Williams Lake, BC Canada
    Posts
    11,646

    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

  9. #8
    Join Date
    Sep 2010
    Posts
    130

    Re: Capital Gains tax on principal residences

    Quote Originally Posted by campking View Post
    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......

  10. #9
    Join Date
    Apr 2011
    Posts
    123

    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!

  11. #10
    Join Date
    Jun 2015
    Location
    Prince George BC
    Posts
    120

    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.

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