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Canada should get rid of the capital gains tax exemption on the sale of primary residences and use the money raised in that manner to build more housing and to
by adriand 3y ago
Canada should get rid of the capital gains tax exemption on the sale of primary residences and use the money raised in that manner to build more housing and to help renters and the homeless. Even if they just levied a modest percentage tax, like 5% or 10%, it would raise enormous sums of capital. And homeowners would still be making windfall profits.
- cmrdporcupine 3y agoOr just make capital gains apply on any earnings over $1M or so. Suddenly it would not be such an exciting amazing thing to have your home double in value, would it? The raised taxes could be earmarked for building (gasp!) public housing. The stuff we used to build until the 90s, when it suddenly became absolutely unpopular and politically toxic for governments to encourage affordable housing stock. That these kinds of policies can't/won't happen tells you that the foxes are running the hen house in this country, at every level of government and business. E.g. the response to affordability crisis is more stimulus and subsidies (new tax free home buyers accounts, etc), rather than getting pricing under control by building homes and regulating real estate law. All very frustrating.
- quickthrower2 3y agoI agree with progressive taxation, but a tax on moving is stifling and encouraging people to hold onto their property and become landlords when they need to move. Instead have a property tax to raise the same money. I am also against stamp duty. I suspect it stop’s people where I live moving when it might be a years salary in pure tax. So people less likely to move. Renovating/extending homes for profit (increasing the effective housing supply with infill) happens less.