Not sure why everyone is going off about capital gains. IIRC it only applies to the first million.
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Originally Posted by 4444
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!
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