this post was submitted on 29 Apr 2024
112 points (98.3% liked)

Canada

7275 readers
167 users here now

What's going on Canada?



Related Communities


🍁 Meta


🗺️ Provinces / Territories


🏙️ Cities / Local Communities

Sorted alphabetically by city name.


🏒 SportsHockey

Football (NFL): incomplete

Football (CFL): incomplete

Baseball

Basketball

Soccer


💻 Schools / Universities

Sorted by province, then by total full-time enrolment.


💵 Finance, Shopping, Sales


🗣️ Politics


🍁 Social / Culture


Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca


founded 4 years ago
MODERATORS
 

Paying taxes on a half-million-dollar capital gain from a cottage or an investment property is a good problem to have

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 3 points 8 months ago

This is the best summary I could come up with:


Some in cottage country have been singing the blues since Ottawa proposed changes to capital gains taxation as part of the recent federal budget.

More, not less, taxation of second properties is required to protect younger Canadians in the housing market, fill the revenue hole left by governments that did not plan adequately for boomers’ retirement, and spur productivity.

I genuinely sympathize when people struggle to ensure that a cherished cottage remains in the family, and I appreciate that taxation plays a role in complicating their planning.

Social Capital Partners, a non-profit focused on broadening access to ownership, rightly calls out this problem, lamenting the role that domestic, small-scale investors have played in crowding-out first-time buyers.

Canada could “make upward of a million [homes] available over the next decade” for aspiring owners, SCP observes, if we reduce the activity of investors in the housing system to levels that resemble their share of purchases 10 years ago – “all with no additional shovels.”

Since those profits are sheltered from taxation by comparison with labour earnings, the SCP proposal would reduce the tax advantage that helps investors outbid first-time buyers.


The original article contains 767 words, the summary contains 188 words. Saved 75%. I'm a bot and I'm open source!