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- cross-posted to:
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‘We’re stepping up for Canadians. They’re stepping up for the rich,’ Trudeau says of Conservatives
‘We’re stepping up for Canadians. They’re stepping up for the rich,’ Trudeau says of Conservatives
That law was poorly implemented. But it’s not a bad law. They just set the minimum too low and it’s going to affect a lot of middle class regular people who purchased a property in only the last 10 years.
Those people are making a lot of money. They can afford to put a few tens of thousands of their $250k+ windfall back into public services.
Not really. What happens if they want to move somewhere else and want to purchase a new property to move in? Half of that money was already going in capital gains taxes. What you’re left with is just enough for a 20% down payment on a 500k$ home, which is a pretty normal amount to pay for a small two bedroom condo in a big city.
Unless I’m mistaken.
This change has no impact of the sale of a primary residence.
If they are selling a secondary residence and that sale is resulting in over 250k in profit than they are impacted, as they should be.
Yeah anyone who even can afford a secondary residence absolutely deserves any and all tax hikes coming their way.
Aaaaahhh! Ok then. I did misunderstand.
Which is totally fair. There is so much misinformation flying around about this tax. The rich are flexing every muscle they have to try to make the general population dislike this change.
And in some parts of the country (like where I live unfortunately) it’s working. Simply because the cult of “hating Trudeau” is just as strong and stupid as the cult of trump to our south. Here in the land of “fuck trudeau” stickers and truck nuts, They’ll quite literally hate something that is clearly good for them just because Pierre Poppinfresh tells them that JT is for it.
Also, if it’s a family investment like a husband and wife or something then they each get a 250,000 exclusion.