Capital Gains tax on principal residences

[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.

[Redthies]

I’m going to go polish my Conservative sign.

[Jack Russell]

I’m going to go polish my Conservative sign.

Im going to piss on a Liberal sign.

[IronNoggin]

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

[Knute]

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.

[Gun Dog]

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.

[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/

[boxhitch]

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

[srupp]

Voted early today..as yesterdays turnout here was very brisk..45 minute wait.
Hope this is good news for Canada.
Srupp

[weatherbyjunkie]

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......