New tax in the works on the sale of your home

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Pappywinkle
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Re: New tax in the works on the sale of your home

Post by Pappywinkle »

Good grief are Conservatives still fear mongering about capital gains tax on primary residences? Still??

All the Trudeau government has done is close loopholes that house flippers took advantage of. And that benefits all taxpayers (except the cheaters). Thank you Justin Trudeau for cracking down on tax cheats!
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Sparki55
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Re: New tax in the works on the sale of your home

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Pappywinkle wrote: Dec 6th, 2021, 1:44 pm Good grief are Conservatives still fear mongering about capital gains tax on primary residences? Still??

All the Trudeau government has done is close loopholes that house flippers took advantage of. And that benefits all taxpayers (except the cheaters). Thank you Justin Trudeau for cracking down on tax cheats!
And once the tax is in place we will all be told it's for the greater good.

It's not like once something goes from conspiracy to reality we congratulate the original conspiracy theorists.
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Re: New tax in the works on the sale of your home

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Catri wrote: Dec 6th, 2021, 1:40 pm
He acknowledged that it’s an idea not on the minds of policy makers, as it would lead to “political suicide.”

“Politicians just aren't allowed to have this conversation because the opposition, and it's any colour, will skewer them for it. And so we don't have the debate we have to have.”
This seems to contradict your interpretation that a capital gains tax on the sale of principal residences is imminent. In fact he seems to be bemoaning the fact that it won't fly, despite his hopes that it would.

You can *bleep* off 68% of Canadians and still form government in this country, sadly. And coincidentally, home ownership rates in Canada are at about 68%. In the big cities that elect Trudeau, rates are lower than 68%.

Do you think the Liberal war room hasn't run the numbers?
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Re: New tax in the works on the sale of your home

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*removed*
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Sparki55
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Re: New tax in the works on the sale of your home

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*removed*

There is evidence to support that there is a potential plan in the works to add this tax. Adding the amount of the sale of a principal residence to income taxes is just one step in that direction. Also have heard liberal MP's make a comment that it is a good idea and required to stop the price of houses climbing too high.

At the very minimum, it's worth a discussion.
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foenix
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Re: New tax in the works on the sale of your home

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Sparki55 wrote: Dec 7th, 2021, 11:52 am
There is evidence to support that there is a potential plan in the works to add this tax. Adding the amount of the sale of a principal residence to income taxes is just one step in that direction. Also have heard liberal MP's make a comment that it is a good idea and required to stop the price of houses climbing too high.

At the very minimum, it's worth a discussion.
What evidence? I haven't seen any evidence at all. All I saw was JT's promise of stopping the flippers of homes for personal gain....
We will establish an anti-flipping tax on residential properties, requiring properties to be held for at least 12 months.

This will reduce speculative demand in the marketplace and help to cool excessive price growth. Changes in life circumstances due to, for example, pregnancy, death, employment, divorce, or disability will be exempt from this policy. As this tax is introduced rules will be established to ensure that sellers subject to this tax are able to deduct legitimate investments in refurbishment."
If you own your home for more than 12 months, there is nothing to worry about. The quote you're referring to was by Jason Hickey a liberal candidate (not JT) and he was talking about homes that were flipped in less than 12 months might be taxed (anti-flipping legislation). But of course it was misquoted and taken out of context by the Conservative into....."the Liberals are going to tax your principle residence" [icon_lol2.gif]
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Re: New tax in the works on the sale of your home

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foenix wrote: Dec 7th, 2021, 12:29 pm If you own your home for more than 12 months, there is nothing to worry about.
Yes, the tried and true way to bring in the new policy. At first, it only applies to those who move within twelve months. So people who move somewhere, have it not work out, and move in 6 months will have to pay tax even though they are not a house flipper and will be penalized. In other words, the people who have to move for whatever reason will have their gains slashed while those who stay in one place will be safe.

There is an exemption if the move is for work, a divorce, etc. So you have to submit an application and wait.

Since people can only claim one personal residence at a time, is this really a huge concern?

Further to the above, first it comes in at 12 months. Next it will be moved to 2 years and then it will be for everyone. It's how this goes.

Look at the liberals and the gun laws right now. They are looking at removing minimum sentences for gun laws. So a catch a release system. When gun violence goes up, they will say we need to ban more guns, not change our minimum sentences. They literally create their own issues!
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Re: New tax in the works on the sale of your home

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Sparki55 wrote: Dec 7th, 2021, 1:42 pm
foenix wrote: Dec 7th, 2021, 12:29 pm If you own your home for more than 12 months, there is nothing to worry about.
Yes, the tried and true way to bring in the new policy. At first, it only applies to those who move within twelve months. So people who move somewhere, have it not work out, and move in 6 months will have to pay tax even though they are not a house flipper and will be penalized. In other words, the people who have to move for whatever reason will have their gains slashed while those who stay in one place will be safe.

There is an exemption if the move is for work, a divorce, etc. So you have to submit an application and wait.

Since people can only claim one personal residence at a time, is this really a huge concern?

Further to the above, first it comes in at 12 months. Next it will be moved to 2 years and then it will be for everyone. It's how this goes.

Look at the liberals and the gun laws right now. They are looking at removing minimum sentences for gun laws. So a catch a release system. When gun violence goes up, they will say we need to ban more guns, not change our minimum sentences. They literally create their own issues!
The reporting requirement for sale of your principal residence has been in place for 5 years. Why are people acting as if we're heading down some slippery slope all of a sudden? When do you imagine this increase to the amount of time you have to live in a house for it to be your principal residence being imposed? Another 5 years down the road? 10? The most factual answer is that it very likely won't happen at all. This whole thing is a tempest in a teapot.
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Re: New tax in the works on the sale of your home

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This is just more Trudeau bashing nonsense that seems to have originated with smear and innuendo monger Pierre Poilievre and the hopelessly lost and irrelevant O'Toole.

It has been fact checked as non existent, it has been denied by Trudeau, it is NOT in the Liberal platform, it is NOT in the Liberal Party resolutions, it has NOT been part of any serious discussion among party members.

https://factcheck.afp.com/http%253A%252 ... 2F9MF8VU-1

And yup, the psychotic Trudeau bashers will try to keep this patently false claim alive. Pfff.
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Re: New tax in the works on the sale of your home

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Catri wrote: Dec 7th, 2021, 4:15 pm The reporting requirement for sale of your principal residence has been in place for 5 years. Why are people acting as if we're heading down some slippery slope all of a sudden? When do you imagine this increase to the amount of time you have to live in a house for it to be your principal residence being imposed? Another 5 years down the road? 10? The most factual answer is that it very likely won't happen at all. This whole thing is a tempest in a teapot.
Don't believe me then lol. I'm not saying you have to.

I'm getting ready for this to be a possibility. Preparedness and opportunity is the path to success. The plan might be to keep my current residence, pull equity from it to buy a new home, and then rent the old one out. As opposed to selling it and paying capital gains if/ when that becomes a possibility.

If you don't think it's weird that we now have to report our home sale amounts on our personal income taxes, I don't know what to tell you. Suppose you will think it's normal to list your private vehicle sales and the garage sale you had in the past year too if they ever ask for that.

It's not a Trudeau bashing session either, rather distrust in any government that makes large changes to the reporting of homes.
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Re: New tax in the works on the sale of your home

Post by mikest2 »

Sparki55 wrote: Dec 7th, 2021, 1:42 pm
foenix wrote: Dec 7th, 2021, 12:29 pm If you own your home for more than 12 months, there is nothing to worry about.
Yes, the tried and true way to bring in the new policy. At first, it only applies to those who move within twelve months. So people who move somewhere, have it not work out, and move in 6 months will have to pay tax even though they are not a house flipper and will be penalized. In other words, the people who have to move for whatever reason will have their gains slashed while those who stay in one place will be safe.

There is an exemption if the move is for work, a divorce, etc. So you have to submit an application and wait.

Since people can only claim one personal residence at a time, is this really a huge concern?

Further to the above, first it comes in at 12 months. Next it will be moved to 2 years and then it will be for everyone. It's how this goes.

Look at the liberals and the gun laws right now. They are looking at removing minimum sentences for gun laws. So a catch a release system. When gun violence goes up, they will say we need to ban more guns, not change our minimum sentences. They literally create their own issues!
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Re: New tax in the works on the sale of your home

Post by Catri »

Sparki55 wrote: Dec 7th, 2021, 5:50 pm
Catri wrote: Dec 7th, 2021, 4:15 pm The reporting requirement for sale of your principal residence has been in place for 5 years. Why are people acting as if we're heading down some slippery slope all of a sudden? When do you imagine this increase to the amount of time you have to live in a house for it to be your principal residence being imposed? Another 5 years down the road? 10? The most factual answer is that it very likely won't happen at all. This whole thing is a tempest in a teapot.
Don't believe me then lol. I'm not saying you have to.

I'm getting ready for this to be a possibility. Preparedness and opportunity is the path to success. The plan might be to keep my current residence, pull equity from it to buy a new home, and then rent the old one out. As opposed to selling it and paying capital gains if/ when that becomes a possibility.

If you don't think it's weird that we now have to report our home sale amounts on our personal income taxes, I don't know what to tell you. Suppose you will think it's normal to list your private vehicle sales and the garage sale you had in the past year too if they ever ask for that.

It's not a Trudeau bashing session either, rather distrust in any government that makes large changes to the reporting of homes.
I don’t think it’s weird. I didn’t think it was weird in 2019 when I sold and had to report it on my tax return. I think it’s weird that anyone thinks it’s something to worry about 5 years after it was implemented, since there is no evidence at all that any policy change is imminent.
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Re: New tax in the works on the sale of your home

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Catri wrote: Dec 7th, 2021, 7:19 pm I don’t think it’s weird. I didn’t think it was weird in 2019 when I sold and had to report it on my tax return. I think it’s weird that anyone thinks it’s something to worry about 5 years after it was implemented, since there is no evidence at all that any policy change is imminent.
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Re: New tax in the works on the sale of your home

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Sparki55 wrote: Dec 7th, 2021, 5:50 pm
Catri wrote: Dec 7th, 2021, 4:15 pm The reporting requirement for sale of your principal residence has been in place for 5 years. Why are people acting as if we're heading down some slippery slope all of a sudden? When do you imagine this increase to the amount of time you have to live in a house for it to be your principal residence being imposed? Another 5 years down the road? 10? The most factual answer is that it very likely won't happen at all. This whole thing is a tempest in a teapot.
Don't believe me then lol. I'm not saying you have to.

I'm getting ready for this to be a possibility. Preparedness and opportunity is the path to success. The plan might be to keep my current residence, pull equity from it to buy a new home, and then rent the old one out. As opposed to selling it and paying capital gains if/ when that becomes a possibility.

If you don't think it's weird that we now have to report our home sale amounts on our personal income taxes, I don't know what to tell you. Suppose you will think it's normal to list your private vehicle sales and the garage sale you had in the past year too if they ever ask for that.

It's not a Trudeau bashing session either, rather distrust in any government that makes large changes to the reporting of homes.
What if you get run over leaving the house tomorrow?......there goes the "plan". :biggrin:
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Re: New tax in the works on the sale of your home

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foenix wrote: Dec 8th, 2021, 6:59 am What if you get run over leaving the house tomorrow?......there goes the "plan". :biggrin:
Suppose I could choke on my breakfast and die laughing at this comment too. Doesn't mean I'm not gonna throw my plans out.

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