Income Tax Questions and Issues

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bb49
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Income Tax Questions and Issues

Post by bb49 »

Just getting started on my income tax and this question came up,
Did you dispose of property in 2020, that was your principal residence....

Followed by this,
Starting with the 2016 tax year, individuals who sell their principal residence have to report the sale on their income tax return.

I didn't pay attention to it last year, but this could have huge implications for home owners in the future.
Could taxation of the value of our principal residence be coming?
February 14, 2022. The day Democracy died in Canada.
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vegas1500
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Re: Income Tax Questions and Issues

Post by vegas1500 »

bb49 wrote:Just getting started on my income tax and this question came up,
Did you dispose of property in 2020, that was your principal residence....

Followed by this,
Starting with the 2016 tax year, individuals who sell their principal residence have to report the sale on their income tax return.

I didn't pay attention to it last year, but this could have huge implications for home owners in the future.
Could taxation of the value of our principal residence be coming?
Yup, our fearless leader in Ottawa has mentioned taxing capital gains on primary residence for a while now.
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oneh2obabe
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Re: Income Tax Questions and Issues

Post by oneh2obabe »

You might find answers as to why that question is asked.

https://www.canada.ca/en/revenue-agency ... duals.html
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Even Steven
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Re: Income Tax Questions and Issues

Post by Even Steven »

bb49 wrote:Could taxation of the value of our principal residence be coming?
Highly doubt it, they only require reporting of the sale. I believe it is to prevent fraud.
jimmy4321
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Re: Income Tax Questions and Issues

Post by jimmy4321 »

Some who posts fake news tried pushing this rumor and its long been debunked.
Just some Scheer Conservative scare tactic among others in the last election and it's a good one.

Read all about it


https://www.cbc.ca/news/politics/the-co ... -1.5312873
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Gone_Fishin
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Re: Income Tax Questions and Issues

Post by Gone_Fishin »

Despite the Liberal Broadcasting Corp...err, the CBC's attempt in 2019 cited above to squash the concern raised by the Conservatives over Trudeau's plan to tax your home, it has now come to light that the Liberals are spending a quarter million dollars to figure out just how they can do it.

Even the Red Star is concerned about Justin Trudeau's plan to sink his claws into your house. Elitists like Justin and Morneau (who has so many houses he can't keep track of his French villas) won't be hurt by the Trudeau Home Tax, but for working families it will be devastating.

A tax on home equity would hurt Canadians during the best of times — but right now it would be reckless


Every so often, an idea comes along that is so out of touch and unfair that it unites pretty much everyone in their disapproval.

Recently, the Canadian Mortgage and Housing Corporation (CMHC) appeared to be doing exactly that when media reports suggested the federal housing agency is researching a new home equity tax on primary residences.

According to reports, CMHC is spending $250,000 in partnership with the University of British Columbia’s School of Population to investigate ways to tax the equity Canadians have gained in their homes.

https://www.thestar.com/business/opinio ... kless.html
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bb49
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Re: Income Tax Questions and Issues

Post by bb49 »

jimmy4321 wrote:Some who posts fake news tried pushing this rumor and its long been debunked.
Just some Scheer Conservative scare tactic among others in the last election and it's a good one.

Read all about it

https://www.cbc.ca/news/politics/the-co ... -1.5312873
Maybe you can give us some reassuring news as to why we shouldn't be concerned about a future tax on our home.

And if not, please tell us why the government is tracking the value of our primary residences when they are sold?
February 14, 2022. The day Democracy died in Canada.
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The Green Barbarian
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Re: Income Tax Questions and Issues

Post by The Green Barbarian »

bb49 wrote:
And if not, please tell us why the government is tracking the value of our primary residences when they are sold?
It was to stop all of the fraudulent activity in Toronto and Vancouver. A lot of real estate was getting sold and declared a "primary residence" so no taxes were paid. The government wasn't even tracking these sales and so a lot of these sales were flying under the radar. Now at least they have to be disclosed.

Justin and the Liberals are dumb, but taxing personal residences would be political suicide. Even they aren't that stupid. They have the perfect lever anyway - they just jack up the stupid carbon taxes and the idiots who think this is "doing something" to combat fairy tales clap in unison.
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Ken7
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Re: Income Tax Questions and Issues

Post by Ken7 »

Have you not heard, Trudeau said this year you don't have to pay. Why, because we are asking for too much!!

I'm not paying....
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Gone_Fishin
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Re: Income Tax Questions and Issues

Post by Gone_Fishin »

Liberal MP tells you all about Justin Trudeau's plans to steal from your retriement.
The NEW Trudeau Liberal Tax on Your House


The Trudeau Liberal Government is looking at a new way to stick it's hands in your pockets. Though they deny it - there are allegations that they are looking at taxing capital gains when you decide to sell your primary residence. Maybe this is how Justin Trudeau plans on paying for all the COVID-19 spending? Stephen LeDrew sits down with Former Liberal MP Dan McTeague to discuss how this might look. This is your LeDrew Three Minute Interview.

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