Trudeau Tax Target: Your Home

[Gone_Fishin]

Trudeau Tax Target: Your Home

by Cheryl Gallant on February 24, 2017 in News (Local)


The Trudeau Liberals announced that you now have to report the sale of your home on your income tax return.

Up until now when you sell your ‘primary residence’, you didn’t have to pay any taxes on the money you may have made.

We’ve always had this tax exemption, and before now you never had to report the sale, because there were no taxes to be paid.

When the Liberals announced the home registry they claimed it was to ensure Canadians didn’t have to pay tax

But this week in Question Period the Liberal Minister of Finance stated there are “exemptions to the exemptions”.

If you work from home, you are now an exemption to the exemption, and Trudeau’s latest Tax Target.

The percentage of square feet you work from home in, or run your business from, is now taxable.

This sneaky stealth tax deserves entry into the Liberal Hall of Infamy.


http://cherylgallant.com/2017/02/24/tru ... rget-home/

[bob vernon]

But wait, there's more. In the future you will have to declare how much money you saved by planting a garden and growing your own vegetables and fruit in your backyard. Inspectors will be hired (at great cost with frills like health benefits and pensions) to come around and estimate how much you're saving. It will be added to your taxable income and then taxes applied to it.
Where will it end with these deranged leftists?

[bporter]

He's going to "out inept" his old man!

[The Green Barbarian]

Where will it end with these deranged leftists?

I'm afraid it never will end. Especially now that our schools are controlled by the BCTF and radical leftist professors. Which is why the rest of the electorate has to be ever vigilant. Our Airhead in Chief Justin Trudeau did not deserve a majority. We must learn from our mistakes.

[Ken7]

Just another sign of a failing PM, he thought he could tax only the wealthy. He said he would reduce taxes on the middle class, his tax surplus on drugs sales so far to date ZERO. He needs to find tax dollars, what's going to be next a pleasure tax??


You know every time you have pleasure...he'll want a piece!

[bold]

From what I can tell, this has been in the income tax act for years in a round about way, just now being enforced.

A small business writing off 15 % of their home expenses to office use is very fair. Yet you move and sell your home for an extra 200k, would it not be fair to add capital gains to 15% of that 200k. Is that not fair? As long as Trudeau and politicians abide by this rule too!

Yes it would be unfair to declare money you saved on your vegetable garden! Surely you would write of the expense of the land ownership and equipment?

I use a professional Accountant for everything, who's an x CRA officer. He made his way up the ranks to a hi-level position, including main involvement with putting a programme in place back in mid 90's, which has been improved on from then on.

A computer programme which communicates with all government data base's. Vehicle registry, (Every big purchase you make, mandatory registration with SIN number, ie truck, car, plane, helicopter, sled, motor bike, quad) Land registry, Investments. This system calculates with a set of variable ratios. If your income tax declared for the passed three years is for example around $20,000 each year, yet you rent/own in a neighbour hood surrounded with million dollar homes with a recent large $$ vehicle purchase and loads of toys, the system go's BEEEEP, forwards the red flag to an officer to take it from there.

After having a full on CRA audit two years ago, I learned a lot and no thanks to a great accountant/book keeper all was in good order. The auditor assigned carried out the audit at my accountant's office, I was present and felt like a really long day. Before he left talking for 5 min or so, it was interesting to get his perspective. At that time his local Penticton office's one goal was cracking down on peoples vehicle use. For instance, you see the brand new big shiny trucks on the weekends whom have 100% business use yet are towing a personal pleasure boat to the lake or sledding in winter for example.

Long story short! I actually sympathise with the CRA, apart from the chief at the very top, they are between a rock and a hard place, they enforce the tax laws and collect revenue for what seems sometimes a Government with no regard to spend billions monthly. Whilst the lazy benefit most and the Rich get away with things the middle class would be thrown in jail for.

[Rwede]

From what I can tell, this has been in the income tax act for years in a round about way, just now being enforced.

A small business writing off 15 % of their home expenses to office use is very fair. Yet you move and sell your home for an extra 200k, would it not be fair to add capital gains to 15% of that 200k. Is that not fair? As long as Trudeau and politicians abide by this rule too!

You can't claim capital cost allowance for the portion of your home used in a home-based business.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... m-eng.html

Thus, you should not be charged capital gains tax on that portion when the home sells, either.

Trudeau is trying to suck and blow at the same time here, denying the CCA deduction but trying to charge for the capital gain on sale. If it is denied for capital cost allowance, there's no way in hell it should be taxed for capital gains.