Post by
Infinity on Oct 27, 2021 5:58am
Cap Gain Tax
I seriously do not believe that we will have Capital gains tax on primary residences in Canada. There is a huge difference in our Cap gain tax VS that of U.S. One thing that comes to my mind is that the interest paid on the home Mortgage (Primary Residence) is tax deductible in the U.S.A., that is not the case in Canada. In Canada the interest paid on an investment property is tax deductible, but we do pay the Cap Gain Tax when we eventually sell the investment property.
Having said that, I have very little faith in the Liberal Government, They are all completely image driven and lacking in any real substance when it comes to Government Policy. Who knows, how True DUH will get influenced by the differents Lobbyists that they are trying to please...
Comment by
HomerAndCompany on Oct 27, 2021 7:17am
You are absolutely corrent in everything you said. We do not have cap gains tax on primary residences in Canada, etc. I am not sure that I understand the last line though - is DUH an acronym?
Comment by
greaterfoolFred on Oct 27, 2021 9:49am
True DUH is a childish word twist on our PM's last name. These right wing types seem to get a kick out of them. Another good one is Turdo. So mature.
Comment by
MuskieMan50 on Oct 27, 2021 10:33am
I agree totally but capital gains on primary residence is irrelevant to the point I was making.I am concerned about the capital gains tax exemption level on investments as in TLT.If the inclusion rate goes from 50% to 75% it will be a major factor.The increased tax level will be significant to shareholders of TLT when it finally comes to fruition.
Comment by
Impalaman on Oct 27, 2021 10:48am
NOT---if you have your shares in a TSFA.
Comment by
MuskieMan50 on Oct 27, 2021 11:05am
Absolutely,but that will shield a total of $75,500 maximum investment
Comment by
Infinity on Oct 27, 2021 11:08am
Cap gain inclusion rate increase, will make an impact when I sell my shares. I will have to deal with it, when I get there. Or hopefully get to that point...I don't believe there are many alternatives other than stagger the sale of stock over a few years. I may very well retire by then!