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Thread: Canada: from bad to worse.

  1. #41
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    Originally posted by J-hop


    Yea you could be right. I feel it's more targeting dishonest people. Technically if you gain money on a kijiji sale (sell for more than you bought) you are supposed to claim a capital gain but trying to go after people for that would be a logistical and financial nightmare for CRA
    It's not a capital gain if it's a household good and you sell it for less than you paid, AKA most Kijiji sales

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    I didn't meant that we had to claim capital gains on kijiji. I was thinking more about sales tax or something. I was just trying to think of another example of where the government would try to get you to report something just for the purpose of taxation. I could think of other examples, but I think you know what I'm saying.

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    Originally posted by J-D


    It's not a capital gain if it's a household good and you sell it for less than you paid, AKA most Kijiji sales
    Re-read, that is exactly what I said. There are some exemptions you can apply but technically you have to treat it as income and see what applies.

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    Originally posted by Buster


    It might be even longer than. But it's a policy you could easily imagine them implementing...and now that they are tracking the cost base they can do it.

    Well i don't really have my tin foil hat on but the tracking primary residence is because people are flipping in Vancouver and Toronto living in them minimum amount of time and claiming them as primary residence and make like $100k+ a year per flip.

    CRA tracking is probably enacted to trace these flippers.

    But putting my tin foil hat back on, you may be right too.

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    Originally posted by J-hop


    Re-read, that is exactly what I said. There are some exemptions you can apply but technically you have to treat it as income and see what applies.
    Oops, mis-read what you said. I've never come closing to making any real money off Kijiji though

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    Originally posted by Xtrema



    Well i don't really have my tin foil hat on but the tracking primary residence is because people are flipping in Vancouver and Toronto living in them minimum amount of time and claiming them as primary residence and make like $100k+ a year per flip.

    CRA tracking is probably enacted to trace these flippers.

    But putting my tin foil hat back on, you may be right too.
    Governments tax capital gains all of the time.

    Now our government has implemented a policy that would be the foundation for taxing a capital gain.

    There are no giant leaps of logic here.

    How they would roll that out could come in 10 different forms. But I dont see the government going about creating a tool that they never intend to use.

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    Originally posted by J-D


    Oops, mis-read what you said. I've never come closing to making any real money off Kijiji though
    Me neither!!!

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    Default Re: Re: Re: Canada: from bad to worse.

    Originally posted by suntan
    True liberal tolerance on display right here folks.
    Go on...

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    Define Primary Residence.

    To a transient, its wherever he sets up his cardboard box or tent for the night.

    To a person growing up from the 60's its a place where you live for the rest of your life, on the order of 50 years - an not any secondary or tertiary or thousand unit Trump Hotel properties that may be rented out.

    To a millennial, its the first barely paid off residence that they maxed out their credit to get, and sold at the first opportunity.

    Its hard to pinpoint what it exactly means to everyone, like people who say that Ketchup ice cream tastes good.
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    Originally posted by ZenOps
    Define Primary Residence.

    To a transient, its wherever he sets up his cardboard box or tent for the night.

    To a person growing up from the 60's its a place where you live for the rest of your life, on the order of 50 years - an not any secondary or tertiary or thousand unit Trump Hotel properties that may be rented out.

    To a millennial, its the first barely paid off residence that they maxed out their credit to get, and sold at the first opportunity.

    Its hard to pinpoint what it exactly means to everyone, like people who say that Ketchup ice cream tastes good.
    What? CRA spells it out for you.........

    What is a principal residence?
    Your principal residence can be any of the following types of housing units:

    a house;
    a cottage;
    a condominium;
    an apartment in an apartment building;
    an apartment in a duplex; or
    a trailer, mobile home, or houseboat.
    A property has to qualify to be a principal residence.
    How does a property qualify?
    A property qualifies as your principal residence for any year if it meets all of the following four conditions:

    It is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation.

    You own the property alone or jointly with another person.

    You, your current or former spouse or common-law partner, or any of your children lived in it at some time during the year.

    You designate the property as your principal residence.


    The land on which your home is located can be part of your principal residence. Usually, the amount of land that you can consider as part of your principal residence is limited to 1/2 hectare (5,000 square meters), which converts to about 1.24 acres (54,000 square feet).

    However, if you can show that you need more land to use and enjoy your home, you can consider more than this amount as part of your principal residence. For example, this may happen if the minimum lot size imposed by a municipality at the time you bought the property is larger than 1/2 hectare.

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    Originally posted by Gestalt


    It's minimum 1 million and you need to employ 12 people.

    You can't park a million into a mutual fund or something like that.
    You're right, and I wasn't suggesting that you can park it in a mutual.

    You don't need to personally start a business that employs 12 people though, it's about investing in something that's creating jobs.

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    Originally posted by J-hop


    Yea you could be right. I feel it's more targeting dishonest people. Technically if you gain money on a kijiji sale (sell for more than you bought) you are supposed to claim a capital gain but trying to go after people for that would be a logistical and financial nightmare for CRA
    He is not right, and it isn't intent.

    This is 100% implemented for the foreign money launderers and speculators that have driven Canadian housing prices so high that an average Canadian cannot afford one..

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    Originally posted by Gestalt

    This is 100% implemented for the foreign money launderers and speculators that have driven Canadian housing prices so high that an average Canadian cannot afford one..
    Yes but the gov't knew this was occurring and they only started to investigate when these people weren't paying tax on these gains.

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    i believe the US taxes capital gains on primary property, but only if your gains are above 250k (single) or 500k (married).

    I really don't think we will get that here, but worth comparing to provide some context.

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    Originally posted by sabad66
    i believe the US taxes capital gains on primary property, but only if your gains are above 250k (single) or 500k (married).

    I really don't think we will get that here, but worth comparing to provide some context.
    Yes. And also you have to live there 2 years minimum.

    But one advantage is is mortgage interest is deductable I believe.

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    Originally posted by Buster


    Governments tax capital gains all of the time.

    Now our government has implemented a policy that would be the foundation for taxing a capital gain.

    There are no giant leaps of logic here.

    How they would roll that out could come in 10 different forms. But I dont see the government going about creating a tool that they never intend to use.
    As primary residency goes, I think they may charge cap gain if you lived in it for less than 5 years or something to like that.

    So it discourages flipping, promotes rentals, calms the bubble and stabilize real estate market and put a few bucks in the government pocket as well from flippers who trying to cheat on cap gain.

    That's how I see it goes down.

    If you are going to tell a 75 year old who had to sell his/her home and moved into assisted living and owe the government like $80K of taxes, you will have a revolution on your hand.

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    Originally posted by Xtrema


    As primary residency goes, I think they may charge cap gain if you lived in it for less than 5 years or something to like that.
    All this will do is hurt lower income (middle class and under) individuals.

    If there is profit to be made, small businesses and corporations will still do it if it is worthwhile.

    If anything, it will push out the small people and prevent people from using the largest asset they will ever have to financially benefit themselves.

    The correct course of action is to limit foreign investing which is overheating the market. Doing so will allow things to cool down slowly, without causing a crash. Its slowly working in Vancouver.

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    Originally posted by Xtrema


    As primary residency goes, I think they may charge cap gain if you lived in it for less than 5 years or something to like that.

    So it discourages flipping, promotes rentals, calms the bubble and stabilize real estate market and put a few bucks in the government pocket as well from flippers who trying to cheat on cap gain.

    That's how I see it goes down.

    If you are going to tell a 75 year old who had to sell his/her home and moved into assisted living and owe the government like $80K of taxes, you will have a revolution on your hand.
    Again, there will be about 100 different ways to figure this out. People aren't used to thinking in these terms (yet), so it sounds revolutionary. But income taxes were revolutionary at one point.

    I find it ironic that this policy in part would be designed to calm bubbles in RE. Bubbles that were caused largely by government interference in RE. Central planning never works. And then the solutions to the unintended consequences never work either.

    Smaller government is the only solution.

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    Originally posted by J-hop

    What? CRA spells it out for you.........
    I'm saying the definitions, seemingly the same, mean completely different things to different people.

    Kneehigh leather boots to a woman may seem fashionable, but to men born in the 1960's they are fuck me boots.

    Dollar values to those who purchased $30,000 homes in the 60's that are now worth over $1 million (and taxed at that rate) well within the period of one lifetime may seem somewhat arbitrary and surprisingly meaningless.

    160 acres of land to a millennial may be a hard concept to grasp as well. Perception of value to a millennial does seem almost entirely tied to flipping value for houses at least. See the forest for the wood, not the trees. See the cow for the steak not the milk.

    If I told you that at the rate things are going, you will be paying $20,000 per year for car insurance, or $1 million to renounce a citizenship by the time you retire would you believe me?

    And not to be too racist but: A lot of laws in Canada and the US are pertinent to white people and not so pertinent to natives or even black or Asians. The Native land treaties in the US are 100x less comprehensive than the lines draw out in Europe. Heck, they didn't even let Chinese women into Canada until 1950.

    BTW: As far as I saw, Rob Anders only used 17 years worth of political power to improve the lives of titanium skins.
    Last edited by ZenOps; 03-16-2017 at 11:48 AM.
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    The US government is more appealing to some now.

    At least they are honest about being racist towards true natives americans and sexist, and elitist. Why bother making laws for illegals when you can just kick them out? It does make sense in a nasty way.

    Zuckerberg and Hawaii, lets just make it simple: Doesn't matter if your family has owned it for 40,000 years - the man with the most US dollars wins on forced sale (exactly how I imagine they justified taking Manhattan from the natives way back when)

    Laws that are simple, but definitely favour one particular side over the other. I mean, did Hawaii even have US dollars for most of the last century?
    Last edited by ZenOps; 03-16-2017 at 12:27 PM.
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