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Thread: Capital Gains tax on principal residences

  1. #21
    Join Date
    Oct 2010
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    4,594

    Re: Capital Gains tax on principal residences

    If you can pack it in, You can pack it out !!!

    UNITED WE STAND, DIVIDED WE FALL !!!


    BCWF
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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.

  2. #22
    Join Date
    Jan 2004
    Posts
    2,086

    Re: Capital Gains tax on principal residences

    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

  3. #23
    Join Date
    Jun 2012
    Location
    central saanich
    Posts
    890

    Re: Capital Gains tax on principal residences

    [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?

  4. #24
    Join Date
    Mar 2004
    Location
    N. Okanagan
    Posts
    14,182

    Re: Capital Gains tax on principal residences

    Quote Originally Posted by HappyJack View Post
    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/
    Sounds bizarre. Who decides what my 'use and enjoyment' constitutes, whether the land is 10 acreas of pasture or nothing more than distance to a neighbour. idiotss
    Never say whoa in the middle of a mud hole

  5. #25
    Join Date
    Sep 2011
    Location
    North Burnaby
    Posts
    429

    Re: Capital Gains tax on principal residences

    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.

  6. #26
    Join Date
    Mar 2010
    Location
    BC
    Posts
    2,291

    Re: Capital Gains tax on principal residences

    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.

  7. #27
    Join Date
    Apr 2017
    Location
    North of Hope
    Posts
    2,488

    Re: Capital Gains tax on principal residences

    [QUOTE=srthomas75;2123293]
    Quote Originally Posted by GreyDog View Post
    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?
    It's the new rules put in by the Liberals.....if your home is on more than 1.2 acres of land you have to prove the land was necessary otherwise you will have to pay capital gains tax on all the land beyond 1.2 acres.

  8. #28
    Join Date
    Mar 2014
    Posts
    1,324

    Re: Capital Gains tax on principal residences

    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.

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