RE:RE:This is a start...There are exemptions including the below. There is no "perfect" solution. This new law will be the heaviest blow to flippers. It might even help in the rental market as specu-vestors will need to hang on to their properties for longer.
Exemptions:
Separation or divorce
Death
Disability or illness
Relocation for work
Involuntary job loss
Change in household membership
Personal safety
Insolvency
ABP123 wrote: The title should say "This Is The Start" of slowly eliminating the Capital Gains Free Income on primary home ownership. 2 Years will become 3 years, will become 4 years, and so on. 1 Year is a flip. 2 Years might be a marriage gone wrong. 3 years could be a work transfer, 4 years could be financial trouble, etc.
Not saying there is anything wrong with the "Flipping Tax". Just envisioning the inevitable. There has been lots of talk and rumination about No Capital Gains on Primary Residences and how to change that. Of course a broad based change would be political suicide, however the Slow Leak, Provice by Province approach is the method. Next the Feds just need to get in the game and piggy back on the same time frames.
However for every action there is an equal and opposite reacation.