New tax in the works on the sale of your home

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

Post by Sparki55 »

fluffy wrote: Sep 10th, 2021, 12:01 pm Fair enough. If a new tax is designed to target only those focusing on short term profit in the housing market then I support it.
Capital gains already apply to non-principle residences regardless of the duration held.

This will hurt people who own one home, their principle residence. There are very few who move every year to flip homes, this won't affect housing prices, just burden homeowners with less gains.
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Rejigger
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Re: New tax in the works on the sale of your home

Post by Rejigger »

fluffy wrote: Sep 10th, 2021, 10:40 am
Sparki55 wrote: Sep 10th, 2021, 9:02 amI'm stating the same misery will be extended to Canadians forced to sell a home in the first year of ownership, further stressing Canadians.

How would it be fair to purchase a home, pay sales tax on it, have it appreciate in value in 8 months, be forced to move for work, sell your home, pay tax on the increased value and then not be able to afford a new home because of all the tax you pay.
There's a lot of speculation there, what are you basing it on ?
The idea that the government is going after people's principal residences is based on their attitude towards real estate...
https://liberal.ca/housing/
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https://liberal.ca/housing/give-cities- ... struction/
"We will also work with municipalities within this program to identify vacant or underused property that should be converted to housing on the principle of USE IT OR LOSE IT – that core urban land should be available for new housing, not left vacant as an unproductive investment property."

Read "opportunity" as "forced"...
https://liberal.ca/housing/convert-empt ... o-housing/
"As the demand for retail and office space has changed due to COVID-19, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.

We will also double our existing Budget 2021 commitment to $600 million to support the conversion of empty office and retail space into market-based housing. We’ll convert space in the federal portfolio, but commercial buildings as well. We will also work with municipalities to create a fast track system for permits to allow faster conversion of existing buildings, helping maintain the vibrancy of urban communities."


It's known that the Federal government has been buying-up real estate since at least 2019, possibly as early as 2017. You can read-up on what they plan to do with it. Get your wallets open, taxpayers, it's coming.
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So for those who are or so willing to give up their personal freedoms of having autonomy over one's own body, for example, be prepared to FURTHER give up your rights and freedoms to own real estate. What we're seeing right now is only a test. It's going to get worse.

At what point do we stop saying we're on a slippery slope to losing our freedoms and accept that we've already slid down it?

For those who trust this Liberal government, I'd say read their platform and have your eyes opened!

For those who say the word 'socialism' is being thrown around willy-nilly, I'd say read their platform and tell us how else you would classify it.
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TimmyE
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Re: New tax in the works on the sale of your home

Post by TimmyE »

If they put this tax in, then people may not sell their house. Therefore, reducing the supply of used housing and forcing people to pay for stupidly priced new housing.
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Re: New tax in the works on the sale of your home

Post by roseridge »

fluffy wrote: Sep 10th, 2021, 12:01 pm
Fair enough. If a new tax is designed to target only those focusing on short term profit in the housing market then I support it.
Heard it all coming out of Justin Trudeau's lascivious vacuum cleaner mouth. Nothing he says can be believed. Higher taxes and corruption symbolizes the Trudumb regime - and he uses taxes on the sale of your home because of his out of control spending.
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Rejigger
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Re: New tax in the works on the sale of your home

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In the past, when changes were made to capital gains reporting requirements, taxpayers were allowed to use the property value as at the date of the change for their cost base going forward. If Trudeau gets in again, and this thing passes, I expect we'll all be declaring the value of our homes as at the date of the new law. Any increase in the home's value from that date until the sale date would be subject to gains tax. That's my two cents.

Similar to V-day December 31, 1971 and Capital Gains Election date February 22, 1994.

(Honestly, public accountants have seen this coming since 2017)

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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 »

fluffy wrote: Sep 10th, 2021, 12:01 pm Fair enough. If a new tax is designed to target only those focusing on short term profit in the housing market then I support it.
You Liberals never met a tax you didn't fall in love with.
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Re: New tax in the works on the sale of your home

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Gone_Fishin wrote: Sep 13th, 2021, 3:02 pm
fluffy wrote: Sep 10th, 2021, 12:01 pm Fair enough. If a new tax is designed to target only those focusing on short term profit in the housing market then I support it.
You Liberals never met a tax you didn't fall in love with.
While that's true, he did say that he's in support of this tax if it targets short term flippers. Stands to reason he's not in favor of it now that he knows this tax will apply to all home owners. Those who downsize into a smaller home or retirement home, for example, will have to pay up.

Grandma's house is gonna be taxed upon disposition at date of death. That's going to cut into the inheritance money. Uh-oh, better take a closer look at this now!
:biggrin:
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Re: New tax in the works on the sale of your home

Post by foenix »

Rejigger wrote: Sep 13th, 2021, 3:14 pm
Gone_Fishin wrote: Sep 13th, 2021, 3:02 pm

You Liberals never met a tax you didn't fall in love with.
While that's true, he did say that he's in support of this tax if it targets short term flippers. Stands to reason he's not in favor of it now that he knows this tax will apply to all home owners. Those who downsize into a smaller home or retirement home, for example, will have to pay up.

Grandma's house is gonna be taxed upon disposition at date of death. That's going to cut into the inheritance money. Uh-oh, better take a closer look at this now!
:biggrin:
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Is there concrete evidence this is happening because this is the same ole same ole speculation that was being floated around during the last election election cycle. I'm sure if this ever happens, it'll be the fastest way for the Libs to be benched and I'm sure the Libs know this.
Sparki55
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Re: New tax in the works on the sale of your home

Post by Sparki55 »

foenix wrote: Sep 13th, 2021, 3:28 pm Is there concrete evidence this is happening because this is the same ole same ole speculation that was being floated around during the last election election cycle. I'm sure if this ever happens, it'll be the fastest way for the Libs to be benched and I'm sure the Libs know this.
Why else would we be asked to record the $$$ amount of a sale of a personal residence on our personal taxes if the value is useless and not used for anything? BC housing already had access to this info when we sold. This is a recent addition to tax recording.
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Re: New tax in the works on the sale of your home

Post by Veovis »

foenix wrote: Sep 13th, 2021, 3:28 pm Is there concrete evidence this is happening because this is the same ole same ole speculation that was being floated around during the last election election cycle. I'm sure if this ever happens, it'll be the fastest way for the Libs to be benched and I'm sure the Libs know this.
The video of a Liberal candidate Literally saying they would need to tax house values? That was an indication of where this came from.
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Re: New tax in the works on the sale of your home

Post by foenix »

Sparki55 wrote: Sep 13th, 2021, 3:31 pm
foenix wrote: Sep 13th, 2021, 3:28 pm Is there concrete evidence this is happening because this is the same ole same ole speculation that was being floated around during the last election election cycle. I'm sure if this ever happens, it'll be the fastest way for the Libs to be benched and I'm sure the Libs know this.
Why else would we be asked to record the $$$ amount of a sale of a personal residence on our personal taxes if the value is useless and not used for anything? BC housing already had access to this info when we sold. This is a recent addition to tax recording.
There's seemingly endless changes to the tax code so what's another but that still doesn't raise it from speculation now does it? It seems like another election ploy like how it was used last time.
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Re: New tax in the works on the sale of your home

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Veovis wrote: Sep 13th, 2021, 3:35 pm
foenix wrote: Sep 13th, 2021, 3:28 pm Is there concrete evidence this is happening because this is the same ole same ole speculation that was being floated around during the last election election cycle. I'm sure if this ever happens, it'll be the fastest way for the Libs to be benched and I'm sure the Libs know this.
The video of a Liberal candidate Literally saying they would need to tax house values? That was an indication of where this came from.
Really? That's it? Isn't that called a nothingburger in an election cycle?
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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 »

foenix wrote: Sep 13th, 2021, 3:41 pm
Veovis wrote: Sep 13th, 2021, 3:35 pm

The video of a Liberal candidate Literally saying they would need to tax house values? That was an indication of where this came from.
Really? That's it? Isn't that called a nothingburger in an election cycle?
Only one of Tiny Tim's paid DI's would call taxing the sale of a family's house at 50% a "nothingburger."
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Re: New tax in the works on the sale of your home

Post by Pappywinkle »

LOL it must be 2019 because Scheer tried scaring voters with the same dumb rhetoric then, and we all saw how poorly that worked out. It’s hilarious that conservatives are again relying on the same failed tactics that embarrassed them so thoroughly in the last election.

And its hilarious that the usual tin foil hatters think DIs are hiding around every corner.
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Re: New tax in the works on the sale of your home

Post by Septuagenarian »

Rejigger wrote: Sep 13th, 2021, 3:14 pm
Gone_Fishin wrote: Sep 13th, 2021, 3:02 pm

You Liberals never met a tax you didn't fall in love with.
While that's true, he did say that he's in support of this tax if it targets short term flippers. Stands to reason he's not in favor of it now that he knows this tax will apply to all home owners. Those who downsize into a smaller home or retirement home, for example, will have to pay up.

Grandma's house is gonna be taxed upon disposition at date of death. That's going to cut into the inheritance money. Uh-oh, better take a closer look at this now!
:biggrin:
~
I hope you were being sarcastic because we are right in the middle of this now with 'gramma's' estate. As far as we have seen, as long as her house was her principal residence at the time of her death, her estate will not pay a capital gain when we sell the house without taking it over as a non primary property for ourselves.

So, does anybody have a pertinent question or an accurate comment on this?

I would sincerely appreciate it if you do, and thank you very much for your kind attention.

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