The federal budget tabled earlier this week includes increases on capital gains taxes for people selling property that is not their primary residence. It's a...
TL;DW
If it’s your primary residence, zero.
If it’s a revenue generating secondary property, an extra 20k for every 400k of gains.
I love that the “wealth manager” they interviewed is making such a big deal about how it will affect people who would never have need of his services because they’ll never have wealth, let alone enough to need management. Playing up the “imagine being taxed because your mom died!” angle.
This will likely do more for housing affordability then the rather large list recently released of housing items plus the billions the Liberals plan to spend.
Hopefully more people will realize we should fix the things fundamentally wrong with housing instead trying to buy our way out of a broken system.
This has a “election reform” feeling about it: something the LPC is talking about in order to get progressive cred, but that they don’t really want to do and will either a) abandon if they’re elected or b) not have to do if they lose.
I saw some middle class people crying because for their retreat they are selling their plex 1 million and will only have 972’000$ because of the new tax and their retreat is fucked up and their world is crumbling…
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Reminded me of this video, that I still cannot get over. How fucking tone deaf are these people.
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This will likely do more for housing affordability then the rather large list recently released of housing items plus the billions the Liberals plan to spend.
Hopefully more people will realize we should fix the things fundamentally wrong with housing instead trying to buy our way out of a broken system.
Imagine making 400k in gains and complaining about paying an extra 20k.
People complaining can get fucked. I
The greediest people in the world hoard wealth; while the most generous have none.
Imagine being taxed because you sold your mom’s house, months or years after she died.
What next? Eliminating property tax because the property was once owned by someone who has since died?
Imagine a new lead-in. The fleek litchally base lul crowd has overused that phrase so much it’s now a misophonia trigger.
But it wasn’t her house. Shortly after mom passed on, it’d be Your house. That’s how inheritance works.
Touche.
Imagine you sold your spare house, months or years after your mother died.
Jokes on him, I’d pay nothing because that’s my only hope (very much for lack of a better word) at owning my own home.
But I have fond memories of
my motherimagining how much money I’ll make selling this house.This has a “election reform” feeling about it: something the LPC is talking about in order to get progressive cred, but that they don’t really want to do and will either a) abandon if they’re elected or b) not have to do if they lose.
They could have raised capital gains in 2016.
Good!
Sounds like it might even have a small impact on housing supply.
I saw some middle class people crying because for their retreat they are selling their plex 1 million and will only have 972’000$ because of the new tax and their retreat is fucked up and their world is crumbling…
Won’t somebody please think of the petite bourgeousie.
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