[BartSimpson]

Lots of stories on this topic today so find your own link.

The general gist of the stories is that the Liberals are seeking to remove the advantages of homeowners over rental tenants by taxing homeowners on the proceeds of their real estate sales to 'level' things out. This would be a national tax and not a provincial tax.

A few sources are also saying that Ottawa wants to levy real estate sales taxes against property assets that change hands when a company is bought or sold. Which would have a serious impact on commercial investment in Canada.

My comments:

1. Me and Mrs. Bart did the right thing when we bailed out of the Victoria housing market over the issues of taxation and rent control.

2. It was right nice of President Trump to allow us to repatriate our profits from the sale of three properties and only have to pay simple income tax instead of capital gains!

3. No fucking way would I ever invest in Canada again.

[herbie]

Don't know where you live but sales taxes are paid by the buyer, not the seller. Whoever bought your condo paid a minimum of 1% BC property 'transfer tax' on it.
{Which is disgusting enough considering the BC gov't used to give you $5000 towards the purchase of your first home - I got that back in 1982)
A federal tax would be a disincentive toward buying for sure.

If the property is not a principal residence, it's always been subject to capital gains tax in Canada. If it's a place you live in and you bought or sold, you now must declare and clarify that on your income tax.
Should any party ever decide to tax that, that would be the end of them. But no doubt they'll soon try to use the info to disqualify some from some sort of benefit program for having 'assets'.....

[DrCaleb]

GST has always applied to Real Estate sales.

[herbie]

On brand new homes.

[Robair]

I get emails from the Canadian Taxpayers Federation and according to them, the Liberals are toying with the idea of taxing sales of primary residences as per Bart's comments above.

[bootlegga]

Robair Robair:

I get emails from the Canadian Taxpayers Federation and according to them, the Liberals are toying with the idea of taxing sales of primary residences as per Bart's comments above.

I doubt it will happen any time soon - with Boomers beginning to downsize and sell McMansions and move into condos or smaller homes, it would be a huge tax hit on the group that votes the most.

[Robair]

Good point.

[BartSimpson]

bootlegga bootlegga:

Robair Robair:

I get emails from the Canadian Taxpayers Federation and according to them, the Liberals are toying with the idea of taxing sales of primary residences as per Bart's comments above.

I doubt it will happen any time soon - with Boomers beginning to downsize and sell McMansions and move into condos or smaller homes, it would be a huge tax hit on the group that votes the most.

These days there's a growing number of people in politics who feel that their 'revolution' is worth the political risks.

Besides, a bunch of these Liberal Boomers will vote duh-Liberal regardless of how much it impacts them in their old age.

[Proculation]

bootlegga bootlegga:

Robair Robair:

I get emails from the Canadian Taxpayers Federation and according to them, the Liberals are toying with the idea of taxing sales of primary residences as per Bart's comments above.

I doubt it will happen any time soon - with Boomers beginning to downsize and sell McMansions and move into condos or smaller homes, it would be a huge tax hit on the group that votes the most.

I think that the Boomers beginning to "bank" on their investment (house) is exactly a case for that kind of tax.
Yes, the Boomers are voting more in percentage, but millenials and younger generations are becoming quickly a more important pool of voters among the population.

Don't forget that the free money the Liberals gave to them is expected to pay at the voting booths. The polls are showing that they were right.


Millennials and Generation Z represent largest demographic in 2019 election|

[Thanos]

Maybe it's long past time for the system that benefited the boomers, and only the boomers, to come to a sudden stop anyway.

[herbie]

Oh can your bullshit.
First of all it's money coming to YOU when Mom & Dad sell their house, so it;s your pocket getting pinched in the end.
Second, it would be a HUGE rewrite of tax laws, how do you account for what you put into it to write off against so-called "earnings"?
Third, if you believe shit from the Canadian Taxpayers Federation just STFU and worship more Fraser Institute reports.

[Thanos]

I have nothing so I could care less what happens to people who do have. Tax them all at 100% for all I care. Teach them some humility, take their natural instinct to sneer at the lessers out of them.

[max898]

$1:

These days there's a growing number of people in politics who feel that their 'revolution' is worth the political risks. Besides, a bunch of these Liberal Boomers will vote duh-Liberal regardless of how much it impacts them in their old age.

I don't think that a lot of people think about taxes and how they affect on business, with an exception of those people who try to own their own business nowadays. I could discovered this franchise opportunities canada resource recently, and it looks like Canadians have great chance to own their own food/bar/restaurant business in dozens of places all over Canada.