SOUSA TO MORNEAU: CHANGE CAPITAL GAINS TAX TO DETER REAL ESTATE SPECULATORS

Mar 20, 2017

By Michael Kramer

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Ontario’s Finance Minister wants Ottawa to take a hard look at speculative investing in Canada’s housing markets – and address the situation – by changing how real estate profits are taxed.
Capital gains tax is currently charged on 50 per cent of the profits on the sale of a home – unless the property qualifies for an exemption as a principle residence.
Charles Sousa has written to federal Finance Minister Bill Morneau – urging him to boost the taxable amount to above 50 per cent.
He says that could help make housing more affordable for first-time home buyers.
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