RE:RE:RE:Trudeau wants to charge you 100% capital gains@CanSiamCyp Interesting. Of course, the US taxes sales of principal residences as well. My view is that these are investments. Some poeple invest/speculate in homes, others in stocks or bonds, yet others in commodities like gold, silver, even BTC, or collectibles. like paintings, etc. All do so with the expectation of eventually profiting from these investments. I see no reason why capital gains should be taxable for all of these forms of property except houses. People can always choose to rent.
If gains on houses were subject to capital gains taxes, it could actually act as an incentive to invest in other classes of property. If more people invested in stocks, it's conceivable that companies would have better and cheaper access to capital, which might result in more companies expanding, creating jobs and boosting economic growth. Adding a capital gains tax to the sale of homes and balancing that with a reduction in tax on profits from the sale of stocks would further enhance such a pathway for such growth.
IMO it's high time to tax this 'Holy Grail' of investing. It's sad that politicians are unwilling to act in a manner that can benefit the nation overall. I want my elected officials to be creative, not fearful. I want them to think out of the box and innovate, not focus on how it affects their or their party's chances of governing.