This will be a good step to make houses available for new home buyers.
By Chanan Cheema on October 14, 2021
We need to tax short term gains, not tax the inflation of the $ in ling held property. Do not exceed 50%.
By Virginia E Hoover on October 14, 2021
It is the only way to keep housing affordable.
By Gerald Ian Campbell on October 14, 2021
Flipping houses is and should be a taxable event. Principal residence is exactly that, a persons home! Flipping houses is a business and the profits from this business need to be taxed. For too long “some” people have been skirting the rules and claiming the principal residence exemption when it should be taxable.
By Chad on October 14, 2021
The government already has the means to look into excessive flippings to determine whether the transaction is related to the selling of a principal residence or if the transaction is an adventure in the nature of trade. What they should do is have a tax slip (which then goes to the CRA) which discloses the gross sale proceeds, the date of sale and the owners (the US already has this). These would then be reported on theirT1 (Form T2091). By forcing the disclosure of the sale, the CRA would then have a history of how many times the taxpayer sold a home and can investigate it. They may also consider introducing a holding period before the taxpayer can claim the principal residence exemption.
By Dean Smith on October 06, 2021
We need responsible government spending, not more new taxes
By ROBERT KELLEY on October 06, 2021
Any new tax the government, especially the current one, proposes is suspect. They seem to try to solve everything by raising taxes. And they use every creative way to do so that will not immediately look like a money grab. This is just another money grab by a government with out of control spending. What should be looked at are ways to decrease government spending and lower taxes overall.
By Robert A Litschel on October 06, 2021
don’t agree to another tax grab
By Arthur Pearce on October 06, 2021
In one pandemic year, the government printed too much money in the form of debt instruments to the banking system. The banking system did not efficiently allocate these extra funds to grow the economy but a significant portion went to real estate “not new developments” but in the form of a significant increase in the existing assets values. This is economically unjustified and will eventually fire back. There is no mechanism to short the Canadian real estate market. If there is, we would soon witness a second real estate bubble as 2008 in USA.
By Marco on October 06, 2021