Canada Must Reject Capital Gains Tax On Homes

[Anonymous]

Crack down on Foreign speculation in our housing market instead



Canada's housing market has become dramatically distorted for three main reasons:



1. Restrictions on development that artificially constrain supply.

2. Foreign speculation, particularly money flowing into Canada from China distorting the market.

3. Money printing by the Bank of Canada.



So of course, the proposed 'fix' for Canada's housing market being mused about by the Liberals and NDP is to completely ignore those three issues, and instead push a new tax.



This drives up prices, and pushes Canadians out of the housing market, further distorting a market that is already distorted by development restrictions and excessive money printing from the central bank.



A large tax on foreign purchasers of housing in Canada, or an outright ban like New Zealand imposed, would be a far better idea.



That's where the focus should be, not taking more money out of Canadians who are already overtaxed.



To their credit, the Conservative Party strongly rejected a capital gains tax on housing at their convention, and we need pushback from across the country against yet another tax our country can't afford.

[Anonymous]

Justine's solution for everything is to charge us more.

[Anonymous]

Crack down on Foreign speculation in our housing market instead



Canada's housing market has become dramatically distorted for three main reasons:



1. Restrictions on development that artificially constrain supply.

2. Foreign speculation, particularly money flowing into Canada from China distorting the market.

3. Money printing by the Bank of Canada.



So of course, the proposed 'fix' for Canada's housing market being mused about by the Liberals and NDP is to completely ignore those three issues, and instead push a new tax.



This drives up prices, and pushes Canadians out of the housing market, further distorting a market that is already distorted by development restrictions and excessive money printing from the central bank.



A large tax on foreign purchasers of housing in Canada, or an outright ban like New Zealand imposed, would be a far better idea.



That's where the focus should be, not taking more money out of Canadians who are already overtaxed.



To their credit, the Conservative Party strongly rejected a capital gains tax on housing at their convention, and we need pushback from across the country against yet another tax our country can't afford.

I remember when you first posted about this......it didn't really seem like Ottawa would tax out principal residences..



Now, it seems inevitable.

[Anonymous]

The value of our house has gone up considerably since we bought it. This could be expensive.

[Gaon]

My wife and I still want to buy a house.

[cc]

Crack down on Foreign speculation in our housing market instead



Canada's housing market has become dramatically distorted for three main reasons:



1. Restrictions on development that artificially constrain supply.

2. Foreign speculation, particularly money flowing into Canada from China distorting the market.

3. Money printing by the Bank of Canada.



So of course, the proposed 'fix' for Canada's housing market being mused about by the Liberals and NDP is to completely ignore those three issues, and instead push a new tax.



This drives up prices, and pushes Canadians out of the housing market, further distorting a market that is already distorted by development restrictions and excessive money printing from the central bank.



A large tax on foreign purchasers of housing in Canada, or an outright ban like New Zealand imposed, would be a far better idea.



That's where the focus should be, not taking more money out of Canadians who are already overtaxed.

They have done a small tax on foreign / absent ownership. I have done the form which all property owners must submit or they will be charged the tax. Have had to do it 2 years now or will be taxed on residence



Something of this order is a good plan and a fair plan and a needed plan



I forget which govt level it was, may have been local .. will look into it tomorrow



In any regard, a major tax on absentee owners .. especially speculators is a good idea with many benefits to citizens

[Anonymous]

Crack down on Foreign speculation in our housing market instead



Canada's housing market has become dramatically distorted for three main reasons:



1. Restrictions on development that artificially constrain supply.

2. Foreign speculation, particularly money flowing into Canada from China distorting the market.

3. Money printing by the Bank of Canada.



So of course, the proposed 'fix' for Canada's housing market being mused about by the Liberals and NDP is to completely ignore those three issues, and instead push a new tax.



This drives up prices, and pushes Canadians out of the housing market, further distorting a market that is already distorted by development restrictions and excessive money printing from the central bank.



A large tax on foreign purchasers of housing in Canada, or an outright ban like New Zealand imposed, would be a far better idea.



That's where the focus should be, not taking more money out of Canadians who are already overtaxed.

They have done a small tax on foreign / absent ownership. I have done the form which all property owners must submit or they will be charged the tax. Have had to do it 2 years now or will be taxed on residence



Something of this order is a good plan and a fair plan and a needed plan



I forget which govt level it was, may have been local .. will look into it tomorrow



In any regard, a major tax on absentee owners .. especially speculators is a good idea with many benefits to citizens

I think that is the BC government.....Ottawa seems to prefer a capital gains tax.

[Gaon]

Crack down on Foreign speculation in our housing market instead



Canada's housing market has become dramatically distorted for three main reasons:



1. Restrictions on development that artificially constrain supply.

2. Foreign speculation, particularly money flowing into Canada from China distorting the market.

3. Money printing by the Bank of Canada.



So of course, the proposed 'fix' for Canada's housing market being mused about by the Liberals and NDP is to completely ignore those three issues, and instead push a new tax.



This drives up prices, and pushes Canadians out of the housing market, further distorting a market that is already distorted by development restrictions and excessive money printing from the central bank.



A large tax on foreign purchasers of housing in Canada, or an outright ban like New Zealand imposed, would be a far better idea.



That's where the focus should be, not taking more money out of Canadians who are already overtaxed.

They have done a small tax on foreign / absent ownership. I have done the form which all property owners must submit or they will be charged the tax. Have had to do it 2 years now or will be taxed on residence



Something of this order is a good plan and a fair plan and a needed plan



I forget which govt level it was, may have been local .. will look into it tomorrow



In any regard, a major tax on absentee owners .. especially speculators is a good idea with many benefits to citizens

Has it made a difference?

[Anonymous]

Crack down on Foreign speculation in our housing market instead



Canada's housing market has become dramatically distorted for three main reasons:



1. Restrictions on development that artificially constrain supply.

2. Foreign speculation, particularly money flowing into Canada from China distorting the market.

3. Money printing by the Bank of Canada.



So of course, the proposed 'fix' for Canada's housing market being mused about by the Liberals and NDP is to completely ignore those three issues, and instead push a new tax.



This drives up prices, and pushes Canadians out of the housing market, further distorting a market that is already distorted by development restrictions and excessive money printing from the central bank.



A large tax on foreign purchasers of housing in Canada, or an outright ban like New Zealand imposed, would be a far better idea.



That's where the focus should be, not taking more money out of Canadians who are already overtaxed.

They have done a small tax on foreign / absent ownership. I have done the form which all property owners must submit or they will be charged the tax. Have had to do it 2 years now or will be taxed on residence



Something of this order is a good plan and a fair plan and a needed plan



I forget which govt level it was, may have been local .. will look into it tomorrow



In any regard, a major tax on absentee owners .. especially speculators is a good idea with many benefits to citizens

I think that is the BC government.....Ottawa seems to prefer a capital gains tax.

And it's like Ontario's Non‑Resident Speculation Tax (NRST). It is a 15 per cent tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe Region (GGH) by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees.

[Anonymous]

Crack down on Foreign speculation in our housing market instead



Canada's housing market has become dramatically distorted for three main reasons:



1. Restrictions on development that artificially constrain supply.

2. Foreign speculation, particularly money flowing into Canada from China distorting the market.

3. Money printing by the Bank of Canada.



So of course, the proposed 'fix' for Canada's housing market being mused about by the Liberals and NDP is to completely ignore those three issues, and instead push a new tax.



This drives up prices, and pushes Canadians out of the housing market, further distorting a market that is already distorted by development restrictions and excessive money printing from the central bank.



A large tax on foreign purchasers of housing in Canada, or an outright ban like New Zealand imposed, would be a far better idea.



That's where the focus should be, not taking more money out of Canadians who are already overtaxed.

They have done a small tax on foreign / absent ownership. I have done the form which all property owners must submit or they will be charged the tax. Have had to do it 2 years now or will be taxed on residence



Something of this order is a good plan and a fair plan and a needed plan



I forget which govt level it was, may have been local .. will look into it tomorrow



In any regard, a major tax on absentee owners .. especially speculators is a good idea with many benefits to citizens

I think that is the BC government.....Ottawa seems to prefer a capital gains tax.

And it's like Ontario's Non‑Resident Speculation Tax (NRST). It is a 15 per cent tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe Region (GGH) by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees.

We don't have anything like that yet in Alberta.

[cc]

Yes. What we had to swear to in order to escape it is  provincial and it runs like that Seoul described



We also have a muni law that tries to take extra property tax tax upon sale if a person does not live in the home and sells it   .. weird part is, it one spends one day in it, that tax does not apply .. one day ffs .. My friend from Victoria has to come over and spend one day in the rental home she just sold (and between renter leaving and sale closing) .. like wtf?



All that aside, I'd be much in favor of speculation tax being high but not a value tax on legit owners

[Anonymous]

Yes. What we had to swear to in order to escape it is  provincial and it runs like that Seoul described



We also have a muni law that tries to take extra property tax tax upon sale if a person does not live in the home and sells it   .. weird part is, it one spends one day in it, that tax does not apply .. one day ffs .. My friend from Victoria has to come over and spend one day in the rental home she just sold (and between renter leaving and sale closing) .. like wtf?



All that aside, I'd be much in favor of speculation tax being high but not a value tax on legit owners

No developed nations' citizens' financial security is so tied to the equity in their homes as in Canada. The type of tax Trudeau is seriously looking at is potentially devastating.

[cc]

If he's thinking of a significant equity tax based on value for those owning and living in their homes, it will destroy the very base of Canada, as you said "citizens' financial security is so tied to the equity in their homes"

[Anonymous]

The Liberals don't want to talk about their new tax.

[Anonymous]

If he's thinking of a significant equity tax based on value for those owning and living in their homes, it will destroy the very base of Canada, as you said "citizens' financial security is so tied to the equity in their homes"

That is exactly what they haver their eye on. They need revenue streams for all their profligate spending.