New tax in the works on the sale of your home

[Sparki55]

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!

[Catri]

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.

[hobbyguy]

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.

[Sparki55]

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.

[mikest2]

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!

[Catri]

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.

[Gone_Fishin]

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.

Put a frog in a pot of water then heat it slowly to a boil.

[foenix]

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".

[Sparki55]

What if you get run over leaving the house tomorrow?......there goes the "plan".

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.

[foenix]

What if you get run over leaving the house tomorrow?......there goes the "plan".

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.

Why? Aren't you back to square one with the "what if" plan?.....except if the "what if" capital gains tax for the principle homes comes into being, then you will have 2 homes that you will have to pay capital gains on and twice the complaint .

[Gone_Fishin]

Liberals never met a tax they didn't fall in love with.

Questioning CMHC


In 2020 CMHC commissioned research by the UBC school of population to look at ways of taxing home ownership to "level the playing field". What they really mean is that many people are making gains by owning their own houses and the government thinks that it is entitled to a slice of that. Here are a couple of quotes from the researchers at UBC:

• “We need to make it so that no Canadian relies on gains in housing wealth to feel secure"

• “Homeowners are lottery winners with an unfair tax advantage"

• “By sheltering much housing wealth from taxation, especially principal private residences.........."

When challenged about this, the CEO of CMHC, Evan Sidall said it wasn't true. However The Canadian Taxpayers’ Federation, using Access to Information have uncovered emails showing that indeed was the intent of the taxpayer-funded research.

The prime minister himself has stated "that is something we are not interested in doing" and yet here is a Crown corporation researching that very thing. Of course having built up a debt that is unsustainable, the government is desperate to find new ways to tax us, and the fact that Prime Minister Justin Trudeau denies it makes it all the more likely to happen. We need to all bombard government representatives with letters of protest.

snip

Thanks to Access to Information by Blacklocks Reporter, a respected publication in Ottawa, we also now know that data on nine million Canadian mortgagees was illegally obtained by CMHC without their permission. That included addresses, personal income, credit scores, and household debt. In fact all the things we really need to keep secure.

We can only speculate on the purpose of obtaining data on us, and hiding that fact from the privacy commissioner, but we can be sure that the intent is not to benefit us. The fact that this has happened so soon after Statscan made a similar effort to harvest information from us illegally, by trying to access bank accounts without the account holder's permission, suggests that the government has absolutely no compunction in breaking the law, and is prepared to go to any lengths to get the information it wants.

https://www.castanet.net/news/Letters/3 ... oning-CMHC

[Catsumi]

^^^^^^

This bears repeating until it finally sinks in for one and all:


We can only speculate on the purpose of obtaining data on us, and hiding that fact from the privacy commissioner, but we can be sure that the intent is not to benefit us. The fact that this has happened so soon after Statscan made a similar effort to harvest information from us illegally, by trying to access bank accounts without the account holder's permission, suggests that the government has absolutely no compunction in breaking the law, and is prepared to go to any lengths to get the information it wants.


This is from a government that declared war on its citizenry 5 years ago. The plans they are putting out to test the winds are NOT benign.

[foenix]

^^^^^^

This bears repeating until it finally sinks in for one and all:


We can only speculate on the purpose of obtaining data on us, and hiding that fact from the privacy commissioner, but we can be sure that the intent is not to benefit us. The fact that this has happened so soon after Statscan made a similar effort to harvest information from us illegally, by trying to access bank accounts without the account holder's permission, suggests that the government has absolutely no compunction in breaking the law, and is prepared to go to any lengths to get the information it wants.


This is from a government that declared war on its citizenry 5 years ago. The plans they are putting out to test the winds are NOT benign.

Check out the 4th word.....S P E C U L A T E.......it's all it is. Why not just make up a lie and go with it.....uh, er.......speculate

[rustled]

^^^^^^

This bears repeating until it finally sinks in for one and all:


We can only speculate on the purpose of obtaining data on us, and hiding that fact from the privacy commissioner, but we can be sure that the intent is not to benefit us. The fact that this has happened so soon after Statscan made a similar effort to harvest information from us illegally, by trying to access bank accounts without the account holder's permission, suggests that the government has absolutely no compunction in breaking the law, and is prepared to go to any lengths to get the information it wants.


This is from a government that declared war on its citizenry 5 years ago. The plans they are putting out to test the winds are NOT benign.

It doesn't bode well. Reminds me of when they pooh-poohed concerns about mandates.

[foenix]

I don't remember any S P E C U L A T I O N S about the Covid vaccine mandate. JT and the Libs came out and were fairly definitive that it was going to happen. It was the CPC and O'Toole, who was waffling about that for his party. This is in the same ballpark. JT and the Libs were/are pretty clear on who they want to tax for the primary residences. Their target is the house flippers who resell the homes before the 12 months are up. But like anything else, with the facebook crowd, CPC stooges, Qanon types, the message get twisted into.....JT and the Libs are going to tax your primary residence......

Canada's Trudeau does not plan primary residence sales tax

Trudeau explained that his party would establish a measure against "house flipping" by imposing a tax on the resale of homes within 12 months, unless the seller experienced a significant change in life circumstances such as a divorce.

This measure can be found on page 14 of the Liberal party's platform, available on its website.

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

.....another case of damn if you do and damned if you don't.......