LILLEY: Liberal platform contains promise to tax home sales
Taxing the sale of your home is something the Liberals said they would never do — now it’s in their platform. Sell your home earlier than the Liberals think you should and you’ll be hit with an “anti-flipping tax.”
Hey, if you are willing to mask up to “make others feel better”, what possible objection could you have to this.
If you are willing to take the vax, just “go along to get along”, then what possible objection could you have to this.
This idiotic tax grab means ….
People who own home for less than five years won’t sell until the five years are up or … they will raise the asking price of their home to cover the tax rip-off.
So, does this improve the cost and availability of housing for first time buyers? NO … only the market can tell you how much a house costs in a given area … government meddling will ALWAYS lead to higher costs.
Everything they do … has a back-fire feature. Because they do NOT think things through to a logical conclusion. Like they are supposed to do. But they are all mostly psychopaths so you know what to expect.
If you have an obsessive compulsive disorder about reporting on case numbers, the world over, what possible objection could you have to this.
I bought a teak shelf for my living room a few months ago, and I’ve changed my mind, so listed this on kijiji for $100 more than I bought this for as I made a couple of touch-ups to repair the vintage damage.
Which line of my T4 tax return will this amount go on?
A CRA guy said it has to go on the line for “other income”. They say if you get more than the deprecated value for your car you just claim it.
I said, “Catch me first.”
From memory and I could be wrong because I have never actually ever seen anyone declare profit from personal use property aside from real estate.
Sale proceeds less original cost less $2,000. Add 1/2 of net difference to income as a capital gain.
I asked an accountant about taxation of poker/pool tourney winnings when I was working at a fly-in mining camp. “As long as it’s not a primary income you should be OK.” Under $2500 that year, so he said don’t mention it.
Unfortunately, Canadians will be seeing alot more different ways our governments will tax us to death for their political and whimsical horrendous economic ideas that doesn’t do jack shit in creating long-term jobs.
Outsourcing and importation is our current path as too many laws and restrictions give Canadians a chance at making a life sustainable living.
Liberals are always seeking more sources for their endless expenses.
Haven’t you heard the latest Liberal slogan? “Home Suite Home.” No need to pass anything, already in existing tax law.
One more group of Canadians about to be pitted against another, but that’s how collectivists rule, I mean roll.
And we let them.
Never mind being in their platform – it is already part of your T1 tax return. In 2019 there was a simple question – did you sell your residence, for how much. By 2020 it is mandatory to report, there is a calculation page and if you do not report you can be penalized.
https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-filing-season-media-kit/tfsmk27.html
It now also asks if you sold any other items (cars, boats, etc) for more than you bought them for, and how much.
It’s insidious. They can track cars and boats through provincial authorities already, though, I can’t say they stick you with Cap Gains, if you sold that 69 Mach1 for a $20k profit. Wouldn’t be surprised if those greedy bastards did.
Bought a used boat 3 years ago, and had to register it, of course, through federal registration. A year later, I get an invoice for 12% sales tax from BC, on the boat. The bastards have their hands in each other’s pockets.
These useless governments will find any way they can to be parasites on your hard work or savvy investing. Now on to homeowners, the new scapegoats of the modern economy!
The housing market can be corrected 3 ways
Normalized interest rates
Cutting immigration
Relaxing land regulations and DCCs
All 3 are progressive issues dear to their hearts, but clearly responsible for the massive increase in house values. While it’s easy to say “You’re Rich!”, even if you sell, you have to buy back in at similar costs. Even the back 40 homes here in BC, have escalated to crazy levels of value, “normal” homes in Oliver, Osoyoos and Penticton, in the 600k and up range. A million dollar home in the last 2 cities listed is not unusual. Aside from wine and fruit, there is no industry there, but retail and retirement.
Since 2016 the sale of a principal residence is to be reported on personal tax returns.
Lots of time for audit, reviews and shakedowns. Just sort for rental income returns. Tax act allows for this right now, has for years.
Any purpose built suite in a house is automatically taxable, right now. Watch your back on home office workspace deductions.
But, given the law of unintended consequences and the fatal conceit, they will collect less revenue than they were before.
The struggle between individuals and collectivists addicted to our money escalates as their transactions of decline drain us.
Like any addict, the least they need is the most they can get, telling us not overspending is austerity financing. In the end, we get what Larry Elder’s dad told him, speaking of DeMarxists: and collectivists generally (the statists have all converted):
“They want to give you something for nothing, and when you’re trying to get something for nothing, you almost always end up getting nothing for something.”
Flipped houses are already taxed with GST/HST. CRA must be asking Blackie for the okay to use more creative ways to make it applicable on more used home sales.
The original Liberal party proposal was some sort of sliding scale (e.g. 50% on profit if sold in year 1, 25% in year 2, and so on).
Lot of these ‘unthinkable’ taxes will be coming because the government can’t sustain it’s spending and also can’t stop.
But it begs the question, since they can borrow 500 Billion per year without any consideration, taxes like this are minuscule.
It’s not about revenue, it’s about penalizing people, in bizarro world.
It’s also a tenet of Magical Monetary Theory MMT. This is the world the corrupt LIEberals want to drag us into, where debts don’t matter, they print money, and taxation is used as a weapon.
Sounds like we’re already there!
Canadians’ primary wealth source is number one on the Grits’ tax target list, and they haven’t quite yet run out of our money.
They needn’t care about cost because they think they control us. Double the debt protecting the vulnerable who then die?
On the wrong end of science, looking for clean turds. We lock down and do what they ask. They double down. We comply.
You’re vaccinated? Frig you, put a mask on. We bow. You will obey because some unknown person might get sick somewhere.
You shall now vote for us in our unrequired and unwanted snap election because WE (get it?) want a majority. Not you, we.
Ahead of the negligence, RCMP investigations, crippling debt service, hyperinflation OR deflation, and boomer implosions.
And we cow. Or do we? I think maybe the boy blunder might have miscalculated, hoping the election would win itself?
And in BC we have the wonderful Property Transfer Tax adding thousands to a home purchase. Not once since Vander Zalm instituted that tax have we heard how much they have collected and where that money has gone.
Provincial (and in some places municipal) land transfer taxes; HST on “services”; capital gains; probate fees, etc.
Face it, our governments have about as much genuine concern about the insane housing prices as does a hog about staying clean.
This real estate wallow surely gave rise to the old expression, “If you build it, they will come.”
The vultures keep circling lower.
Tell me in what universe should someone be able to flip a new house, as has happened in my new neighborhood, for a neat tax free profit of $125,000, in nine months. That folks is inflation gone wild, AND IT WILL DESTROY THE COUNTRY. Tell me why a 1500 square foot new build is selling for $650,000 in a small Ontario town. Right, it’s just the market. Are Canadians with minimum wage buying these houses? Are people with $80,000 a year incomes buying these houses? The same government that now says it should tax property sales created the inflation and immigration, their policies forced prices to the insane level they now are. Based on what has been happening interest rates on mortgages should at least 20%.
How much does government collect in taxes and fees on a house build? We all know, in the many thousands of dollars.
Then they complain about high home prices and greedy landlords and developers. Once more they seek to divide us.
Divide and conquer has become divide and collect, by statists who claim to have answers while getting everything wrong.
Hmmmm, I remember 20.5% mortgage rates, about the same time as the NEP was foisted on the west. Sure would hoop those whiny Mills today, eh? Believe me its coming.
All the capital gains, corporate, high income, wealth, primary residence, ad infinitum, taxes added or increased by the Spawn and his klepto-regime will not add up to anything that could balance their expenditures. Inflation or sovereign default is the only way out of the Spawn’s hole (pun intended).
FYI, this is an example of “the longer you wait to start resisting, the harder resistance becomes”.
Think of all the dozens, hundreds, thousands of tiny (insignificant even) cuts you have agreed to over the decades. You never complained about any of them; but they all added up. Now, how can you say no, when the asks keep getting bigger, and bigger. When the pleas, turn into demands. When the demands turn into orders.
Ha , Liberals penalizing hasty divorces.
People can stop this any time they like.
This:
https://www.youtube.com/watch?v=l0zaebtU-CA
In Canada, the government owns your home and property. You live in/on it at their pleasure. You have a job and are allowed to keep what part of your wages the government says you can keep. Don’t ever forget that.
Like anything else, when you suck more and more out of joe citizen, the more joe citizen will seek alternative means to avoid forking over his meager remaining funds. It just drives the economy underground. Sure a bunch get caught, but a heck of a lot more don’t. Sooooo, if I have a particular skill that another does not, and that other requires it, then there is a choice of a higher fee charged with an issuance of a receipt, or a choice of a lower cash payment and no receipt. In that respect, the CRA and the liberal shenanigans of increased creative taxation, will only create increased joe citizen shenanigans of creative tax avoidance.
Once they make you a criminal, then you can steal money, or saleable items, and only pay taxes on those stolen things if you get caught, with fines, or be given an “incarceration tax”. The bottom line, once they venture beyond justifiable reason with taxation, then they simply increase the size of the “underground economy”. That, or citizen revolt/civil unrest/civil war. Does the turd really want to open that Pandora’s taxation box? I think he does, but not because he wants such a scenario, but because he doesn’t think, at least not beyond his mirror, hair, and socks. What did he mumble the other day about monetary policy? He spends like a drunken sailor on irrelevant crap, and expects us to pay for it with increasing taxes. We are ruled by fools and morons. At some point……