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.