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4444 · 02-14-2016, 11:34 PM

we hear all this stuff about abuse of the capital gains exemption, this just shows the ineptitude of the CRA.

i'd love to see some kind of long term / short term differential in tax rates, just as the US has on capital gains (if you own a stock for <1 year and sell, you pay full tax, if owned >1 year, you pay basically half the rate).

so much could be done to keep the spirit of the capital gains exemption for those truly residing in their principal residence (people live in a house for avg. 7 or so years, so you could easily make it work to keep 95+% of people in a tax exempt position).

I'm all for a free market, but when it is clear that some are unfairly not paying their fair share of tax, then the government owes their residents and citizens a duty of care to address this. The strength and quality of your government can be assessed in how they address such issues... i will not hold my breath on this one!

02-14-2016, 11:34 PM	#4870
4444 I contribute to threads in the offtopic forum Join Date: Jun 2006 Location: not vancouver Posts: 2,642 Thanked 1,941 Times in 765 Posts Failed 532 Times in 202 Posts	we hear all this stuff about abuse of the capital gains exemption, this just shows the ineptitude of the CRA. i'd love to see some kind of long term / short term differential in tax rates, just as the US has on capital gains (if you own a stock for <1 year and sell, you pay full tax, if owned >1 year, you pay basically half the rate). so much could be done to keep the spirit of the capital gains exemption for those truly residing in their principal residence (people live in a house for avg. 7 or so years, so you could easily make it work to keep 95+% of people in a tax exempt position). I'm all for a free market, but when it is clear that some are unfairly not paying their fair share of tax, then the government owes their residents and citizens a duty of care to address this. The strength and quality of your government can be assessed in how they address such issues... i will not hold my breath on this one!