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New Proposed Tax

June 4, 2019

The link below is an interesting article from the Toronto Sun suggesting another proposed tax for homeowners. The excerpt addressing homeowners says:

Toronto Liberal MP Adam Vaughan promoted an idea — ranked second out of 19 proposals put forward by the Ontario Liberal caucus — that would see your home profits taxed at 50% if you sold after just one year of ownership.

Right now, selling your home and reaping the rewards and profits is one of the few tax-free gains most Canadians experience. There is no capital gains tax on selling your primary residence.

In order to deal with questions of home ownership affordability, Vaughan wants a punitive capital gains tax imposed on homeowners that sell their homes faster than he thinks they should.

His proposal, supported by his fellow caucus members in the Liberal Party, calls for a 50% tax on any profits after one year, 25% after two years, 15% after three years, 10% after four and 5% after five years

Here is the link to the article;

Will be interesting to keep an eye on this and knowledge may impact your decision at election time.