New tax in the works on the sale of your home

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

Post by PoplarSoul »

bb49 wrote: Sep 9th, 2021, 1:03 pm Two or three years ago I noticed a question while doing my income tax. It went something like this,
Did you sell your principal residence last year?

When I mentioned it on this site, the Liberal minions jumped all over my concerns.
No, no, no. The government will never tax the "profit" on the sale of your home. [icon_lol2.gif]
The government will not tax the profit if you sell your principal residence.
That would be political suicide.
When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.
https://www.canada.ca/en/revenue-agency ...
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mikest2
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Re: New tax in the works on the sale of your home

Post by mikest2 »

PoplarSoul wrote: Sep 9th, 2021, 1:41 pm
bb49 wrote: Sep 9th, 2021, 1:03 pm Two or three years ago I noticed a question while doing my income tax. It went something like this,
Did you sell your principal residence last year?

When I mentioned it on this site, the Liberal minions jumped all over my concerns.
No, no, no. The government will never tax the "profit" on the sale of your home. [icon_lol2.gif]
The government will not tax the profit if you sell your principal residence.
That would be political suicide.
When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.
https://www.canada.ca/en/revenue-agency ...
Did you watch the video ?
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bb49
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Re: New tax in the works on the sale of your home

Post by bb49 »

PoplarSoul wrote: Sep 9th, 2021, 1:41 pm
bb49 wrote: Sep 9th, 2021, 1:03 pm Two or three years ago I noticed a question while doing my income tax. It went something like this,
Did you sell your principal residence last year?

When I mentioned it on this site, the Liberal minions jumped all over my concerns.
No, no, no. The government will never tax the "profit" on the sale of your home. [icon_lol2.gif]
The government will not tax the profit if you sell your principal residence.
That would be political suicide.
[icon_lol2.gif]
The very day a majority government is sworn in they can change the rules.
They then have up to five years to calm the masses.

Don't ever say "The government will not.....".
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PoplarSoul
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Re: New tax in the works on the sale of your home

Post by PoplarSoul »

bb49 wrote: Sep 9th, 2021, 1:55 pm Don't ever say "The government will not.....".
No government in power in Canada will ever tax the profit you make by selling your principal residence.
That would be political suicide.
"The only way to make sense out of change is to plunge into it, move with it, and join the dance."
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Veovis
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Re: New tax in the works on the sale of your home

Post by Veovis »

PoplarSoul wrote: Sep 9th, 2021, 1:57 pm
No government in power in Canada will ever tax the profit you make by selling your principal residence.
That would be political suicide.
And yet Liberals candidates disagree with you and themselves say they will.

I agree though, it's a pretty dumb plan, but again it did come from this group of Liberals so.....
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Re: New tax in the works on the sale of your home

Post by Veovis »

Wouldn't take long to create that banking crisis in Canada. People would just mortgage house to the hilt, then move the cash offshore (Like a good Liberal does) and then just forfeit the mortgage. When the bank sells it the Liberals can tax em.

Multiple that by a few million Canadians and you'll have a sweet banking crisis.

However you will also see many court cases as well as if the gains are taxable then the costs to earn those gains will have to be also tax deductible, enter mortgage interest, property taxes, R&M same as on non principle rental residences.

Just Like Jagmeet sees people with money and thinks he can enact a policy that is literally "I can just take their money right" the Liberals see houses and think the same can occur.
Sparki55
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Re: New tax in the works on the sale of your home

Post by Sparki55 »

PoplarSoul wrote: Sep 9th, 2021, 1:57 pm No government in power in Canada will ever tax the profit you make by selling your principal residence.
That would be political suicide.
It’s tough to trust politicians on home equity taxes. Here’s a good reason for that skepticism: Canadians are required to disclose home sales to the Canadian Revenue Agency despite the tax exemption on a primary residence. It’s hard to believe the government wants to know all about that money without any interest in taking a chunk.

If politicians want Canadians to believe they won’t impose a home equity tax, they should abolish the requirement to disclose the sale of a primary residence.
https://torontosun.com/opinion/columnis ... equity-tax
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Re: New tax in the works on the sale of your home

Post by Veovis »

I'll be honest I'm not fully against the disclosure of the selling a principal residence when you declare it on your tax return it needs to stay tax free but it would be good to know how many people are flipping houses one year and 1 month into it so that perhaps that level of how flipping needs to change to principal residences at 3 years maybe unless with valid reason
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Gone_Fishin
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Re: New tax in the works on the sale of your home

Post by Gone_Fishin »

That "Oh crap!" moment when he realized that he had just spilled Trudeau's beans.

https://twitter.com/i/status/1435989700175548418

“But of course, anyone selling their primary residence, if you do make money on that, unfortunately you will have to pay tax on that. I wouldn’t agree to that either but it’s what we have to do,” said the Liberal candidate.

If you look at the 30 second mark of the video, it’s clear that Liberal candidate Hickey realized he revealed something that he shouldn’t have.

Before this revelation, some in the Liberal Party had previously pushed for a tax on housing that would reach 50%.


The Liberals claim they have rejected that proposal, but the admission by Hickey has cast that denial into new doubt.

Conservative candidate Pierre Poilievre slammed the Liberals following the revelation of their plan to bring in a Housing Tax:

“Justin Trudeau has claimed that despite a promise in his own platform, Liberals have no plan to tax the sale of your home. However, now we know the truth — Justin Trudeau will tax the sale of your home when you decide to sell.”

https://spencerfernando.com/2021/09/09/ ... using-tax/
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Catsumi
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Re: New tax in the works on the sale of your home

Post by Catsumi »

So, does all this boil down to “you will own nothing, and be happy” ..??
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daria
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Re: New tax in the works on the sale of your home

Post by daria »

Catsumi wrote: Sep 9th, 2021, 6:23 pm So, does all this boil down to “you will own nothing, and be happy” ..??
Shhh.... Herr Schwab asks us to not mention that inconvenient fact.
Don't take my silence to mean I've agreed with you; I easily could've just lost interest in explaining how wrong you are.
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Re: New tax in the works on the sale of your home

Post by Catsumi »

daria wrote: Sep 9th, 2021, 6:27 pm
Catsumi wrote: Sep 9th, 2021, 6:23 pm So, does all this boil down to “you will own nothing, and be happy” ..??
Shhh.... Herr Schwab asks us to not mention that inconvenient fact.
Sorry, I should have muffled meself, but….too late

:130:
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daria
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Re: New tax in the works on the sale of your home

Post by daria »

:130: No worries. But you might spook the commoners.

Oh wait, I'm a peasant by Herr Schwab's standards. [icon_lol2.gif]
Don't take my silence to mean I've agreed with you; I easily could've just lost interest in explaining how wrong you are.
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nucksRnum1
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Re: New tax in the works on the sale of your home

Post by nucksRnum1 »

Trudeau is going to cool the seller market because they won't get as much cash in the real estate ponzi scheme? :cry:
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Gone_Fishin
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Re: New tax in the works on the sale of your home

Post by Gone_Fishin »

Fastest way to reduce supply and drive up the cost?

Tax it.

Oh Justin, your goose is burnt to a crisp.
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