How much can homeowners expect to pay after capital gains tax increase?
How much can homeowners expect to pay after capital gains tax increase?
TL;DW
If it's your primary residence, zero.
If it's a revenue generating secondary property, an extra 20k for every 400k of gains.
I love that the "wealth manager" they interviewed is making such a big deal about how it will affect people who would never have need of his services because they'll never have wealth, let alone enough to need management. Playing up the "imagine being taxed because your mom died!" angle.
“imagine being taxed because your mom died!”
Imagine being taxed because you sold your mom's house, months or years after she died.
What next? Eliminating property tax because the property was once owned by someone who has since died?
But I have fond memories of
my motherimagining how much money I'll make selling this house.Jokes on him, I'd pay nothing because that's my only hope (very much for lack of a better word) at owning my own home.
Imagine making 400k in gains and complaining about paying an extra 20k.
People complaining can get fucked. I
The greediest people in the world hoard wealth; while the most generous have none.
Good!
Sounds like it might even have a small impact on housing supply.
I saw some middle class people crying because for their retreat they are selling their plex 1 million and will only have 972'000$ because of the new tax and their retreat is fucked up and their world is crumbling...
Won't somebody please think of the petite bourgeousie.
This will likely do more for housing affordability then the rather large list recently released of housing items plus the billions the Liberals plan to spend.
Hopefully more people will realize we should fix the things fundamentally wrong with housing instead trying to buy our way out of a broken system.
This has a "election reform" feeling about it: something the LPC is talking about in order to get progressive cred, but that they don't really want to do and will either a) abandon if they're elected or b) not have to do if they lose.
They could have raised capital gains in 2016.
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