Can someone verify this?

the idea is to cool the housing market by reducing home flipping by increasing the time you have to live in it before being exempt from taxation. Liberals havent even banged out a policy out yet so i suspect the hysteria will kill it before election time.
 
I watched Trudeau make a statement a while back that owning a home is like winning the lottery and basically not fair to those that dont own a home.
my parents sold their home about four years ago. Owned since 1998. About a year after selling gov was after them for capital gains tax cause long ago they were in the usa for a year. They had to prove they were back home five full years before selling. Dragged on for a long time.
only property they owned, for twenty fucking years.
yeah, its coming.
you will own nothing and be happy. Get used to it.
 
superbeast said:
I watched Trudeau make a statement a while back that owning a home is like winning the lottery and basically not fair to those that dont own a home.
my parents sold their home about four years ago. Owned since 1998. About a year after selling gov was after them for capital gains tax cause long ago they were in the usa for a year. They had to prove they were back home five full years before selling. Dragged on for a long time.
only property they owned, for twenty fucking years.
yeah, its coming.
you will own nothing and be happy. Get used to it.
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I saw the same thing and basically he was saying those who own a home and paid it off have an unfair advantage over others. I can't recall the words he used but I remember saying fuck you. I worked my ass off to buy and pay it off early so the bank didn't rape me with interest.

This concept has been bounced around regarding taxing sales of homes but I don't believe it is in yet. Knowing the laws the Liberals are passing without resistance that take away basic privacy and rights, it won't surprise me if they do it. Think of the money that was doled out for Covid and the billions spent - who do you think is going to pay for it?
 
Goldenrod said:
I saw the same thing and basically he was saying those who own a home and paid it off have an unfair advantage over others. I can't recall the words he used but I remember saying fuck you. I worked my ass off to buy and pay it off early so the bank didn't rape me with interest.

This concept has been bounced around regarding taxing sales of homes but I don't believe it is in yet. Knowing the laws the Liberals are passing without resistance that take away basic privacy and rights, it won't surprise me if they do it. Think of the money that was doled out for Covid and the billions spent - who do you think is going to pay for it?
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Exactly. Time to pay the piper. 🤦‍♂️

Or that turd.
 
I haven't posted for ever but this pisses me off... The Liberals and the NDP are pushing this idea. Specifically houseflipping or selling within a year. https://globalnews.ca/news/8155454/singh-tax-house-flippers/ . Jagmeet and Justin conveniently ignore that there is real financial risk for investors who invest their cash into home reno and speculation. They are adding value to the economy and take huge personal financial risk to earn these profits; it's not like they have a fuckin gold-plated pension plan like the fucktards in parliament or Daddy's family wealth to enjoy. It's a pretty easy slippery slope to expand the tax to all principal home sales in the future too, under the ruse that 'we need to control the housing market' where in reality it to install a transfer tax from the guys that take risks to those who take handouts. The old leftwing government fallacy that the government knows best, always, than allowing the collective market forces to determine direction.

If they truly want cheaper housing options and more rental supply, then don't punish the capital from entering the market to supply. Rent controls etc all do the opposite to what the intention is. I'm sorry, but I earn a great income but can't afford to live on the west side of Vancouver. Nor should lower income individuals... Why should I pay a subsidy to help them live there? That's what the burbs are for. OK... off my soapbox and back into stealth mode.
 
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Evil Spock said:
the idea is to cool the housing market by reducing home flipping by increasing the time you have to live in it before being exempt from taxation. Liberals havent even banged out a policy out yet so i suspect the hysteria will kill it before election time.
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I have read the statemnts that say these policies are for homes owned less than a year, but reread my post.. No where does it say anything about it not being for every home sale..
 
animal-inside said:
I have read the statemnts that say these policies are for homes owned less than a year, but reread my post.. No where does it say anything about it not being for every home sale..
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no where does it say its not not being for every home sale. i dont understand.
 
DeezNutz said:
How would they achieve this? Annual property valuations or simply using property sales in your given area to calculate appreciation? Either way, that's effed up.
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My understanding is you would start with a standard home evaluation and if homes increase by 12% across the country on a whole then they would use say 10% to calculate tax on the increased value of your home.

So this is my understanding, and this comes from the guy I get mortgages from who is very in tune with the real estate market.

If your house is valued at $100k and they assess an increase of 10% to your value then you would add $10,000 to your income for the year and pay income tax on that at the rate of income tax. It’s a nice way to really hammer the “wealthy” further so we can redistribute wealth.

My gf and I have rental properties and if this happens we will be selling and cash will go offshore somewhere like Mexico or the Cayman Islands.
 
I saw they are talking about ANY home sales will be capital gains taxed in the near future.
We sold one investment property a couple months ago that is not a principle residence on Vancouver island, it was a farm in a desireable area that we owned for over ten years. Covid prices we made several hundred thousand dollars above what we paid for it.
They will be taxing us with Capital gains 50% of the profits. Basically added income with no deductions except monies we put back into the farm for improvements etc.
So we will be taxed on 200,00 as we made almost 400k profits
You can use old capital losses in the last 10 years and buy rrsps and use improvement costs etc.

We own a few other homes also and 2 are principle residences that we will make good returns on, and my spouse is principle in one and i am principle in another and we set it up like this many years ago for this reason.

I spoke to an investment specialist yesterday and he said it is not in effect yet, but if libs get in it will move ahead, as per his expert sources. So we will inevitably get fucked right over on our investments if dickhead gets in..Scary shit.
We will still do ok, but will have to give a lot to government.
 
The west always has a majority vote for but sadly our vote doesn’t count as Ontario pretty much decides how it goes down and I’m sure that diptard will get voted in again 😡
 
animal-inside said:
Sorry, bad wording..

What I posted implies its for every house sale, not just homes that have been owned for less than a year.
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i understand. the purpose of pierres post is to create a hysteria to go against the Liberals election. its dishonest but thats how thing go today. i understand the Liberals point of view on this but dont use me as your anger punching bag. ive moved into several properties for the minimal amount of time to avoid taxes and am drooling over Calgary properties that are plummeting.
 
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