"Most Canadians who make more than $250,000 in profit in a single year from capital income, like the sale of secondary properties or stock options, will now pay more in tax on the income above that threshold."
We need seniors to sell off their properties, not hoard them. Increasing capital gains tax will make the housing market worse.
If the gov wants to tax people, tax landlords. This will force landlords to sell, increase the housing stock for sale.
@SheamusPatt Better to tax landlords, and give some sort of financial break for people to sell their investment property and leave the landlord industry.
A stick and carrot approach. The goal is to fix housing.
This is a tax on the middle class, that are too scared to invest in the fixed stock-market, and make nothing on interest from a savings account. Tax the ultra wealthy, not the middle class.
@Tomthndsh Presumably selling their investment property to other landlords? The small boost in the capital gains exemption rate seems quite reasonable. Anyone owning investment properties that are generating more than $250,000 in capital gains isn't a "poor senior" - they're well off.
There are more direct ways to fix housing.
@SheamusPatt Many people started to invest in housing and avoided the stock market. Their retirement savings is really having a 2nd property. Especially since many jobs over the last 30 years didn't cover enough to retire on.
The government by taxing the sale of these investment homes is perpetuating the crisis, and making money off the landlord industry; they like it. No interest in moving away from what is happening. No interest in providing affordable housing.
@SheamusPatt If the government was interested in fixing the housing crisis, they'd drop the capital gains tax if you sold your investment property to a new home buyer.
Tomthndsh
Jim Patterson 🇨🇦
Richard W. Woodley ELBOWS UP 🇨🇦🌹🚴♂️📷 🗺️