Start Keeping House Repair Receipts

...because everyone will need them in the future.
As long as the Feds allow expenses to be deducted from profit when they start taxing capital gains.

The government is using the illegal actions

 of NON-Canadians as an excuse

 to monitor Canadians’ retirement finances

 – not something this country should stand for.   Ross Kay

 

What? you question, incredulously.
The Feds don't tax capital gains...there's a lifetime capital gains exemption!

Okay, this is where all those who voted for the Liberals federally need to start caning themselves as penance for doing that.
Look what you and your like-minded miscreants have created putting trust-fund baby Junior Trudeau in charge.

Another blog says it so much more succinctly than I could:

"Every Canadian is the real target." Anonymous

Remember that it started (in B.C.) with/because of the 'foreign buyers' tax, but Canada Revenue is very very interested...

"One that slipped beneath the radar was the need for all taxpayers to register their real estate transactions with the federal government in order to claim tax-free capital gains. We were told at the time this was to spank foreign buyers trying to use the dodge.

"Twenty years from now

 as pressure is put on funding

 government pensions,

 having a record of net wealth

 tied up in the family home...."

 

But, really? Here is what we said at the time:

“Buried in the announcement, the background paper, the technical paper and then deep into the CRA website are significant changes to how your Big Brother government will now be policing your family home. Under the guise of whacking foreign buyers – a tiny percentage of whom have been claiming the ‘principal residence’ exemption to avoid capital gains tax – the T2 gang have given the CRA the ability to whack you.

It’s a first in Canadian history.
You’ll have to prove your home is your home.
If you don’t, the money made on its appreciation will be fully taxable.

"Effective today (February 13, 2017)

 your personal residence is a fully-taxable commodity

 unless you take specific steps to avoid it.

 By taking those steps,

 you’re also providing the government

 with information never previously gathered."

 

The suggestion that homeowners selling or buying their personal residence will be a(sic) required to report it on income tax forms sounds innocent, but it’s anything but.  Twenty years from now as pressure is put on funding government pensions, having a record of net wealth tied up in the family home could place unexpected challenges upon those looking to retire."

Don't believe it'll happen?

Read on:

Says housing analyst Ross Kay: “Anyone who believes today’s suggestion that Canadians are now required to give the government the details on selling the family home is not thinking.  The government is using the illegal actions of NON-Canadians as an excuse to monitor Canadians’ retirement finances – not something this country should stand for.”

Here are the facts:

• Taxpayers must report the sale of the family home if you’re claiming an exemption from capital gains tax (in the past that exemption was automatic. If you don’t comply, no exemption.
• The CRA will have authority at assess capital gains tax on real estate that is not reported on the tax return for the year in which it is sold.
• Ottawa will work with provincial governments (which maintain land registry operations) to ensure that all residential real estate transactions are recorded and taxed as required.
• The tax return, starting next April, will require details on the date a property was acquired, the proceeds of disposition and a description of the property. To qualify for a capital gains tax exemption, you must complete and file a separate Schedule. The full exemption may not be granted, depending on the details provided.
• If you sell your home but forget to include this information on your return, the CRA will not allow the proceeds to be tax-free. In that case you must ask the CRA to amend the return. This amendment will be granted “in certain circumstances” but may also come with a penalty equal to the lesser of $8,000 or $100 per month from the sale date to the request date.
• If you have a suite in your home, then sell it, the selling price must be split and reported. Part of it will qualify to the tax exemption and part will not. In markets with elephantine gains in home prices, this could be quite the bombshell.

Effective today (February 13, 2017) your personal residence is a fully-taxable commodity unless you take specific steps to avoid it. By taking those steps, you’re also providing the government with information never previously gathered. Will Canadians accept this? Bill Morneau and his boss think so. After all, they wrapped it in anti-Chinese emotion. How brilliant was that?”

Well, the form is now out, as a page in the T1 tax return. Here it is:






If you comply, there’s a permanent record of what an address sold for, and how much you personally received. Valuable information for any government establishing a property registry in advance of applying a potential tax on real estate, or wanting to track what windfall gain an individual may have made. If you don’t fill it out, you’re pooched – taxed on the entire profit.
Some people believe, with so much of Canadians’ net worth having been shifted from financial assets into real estate that no government can afford not to tax it. Others are musing people might be granted a certain lifetime limit for tax-free real estate gains, then be nailed for amounts in excess. After all, it is fair wage slaves are sucked dry with levies on employment income, while a house in Vancouver or Toronto can double in value, giving millions, tax-free?
Of course not. And this government’s all about fairness, right? "

Source of story here.
Scroll to blog entry dated February 13, 2017 entitled The House Tax

I have NOT asked blog owner Garth Turner for permission to reprint his blog entry...but it is on the internet.  And I'm sure he won't mind me making all those Fed Lib voters choke as they eat their own shoes.  I'll send them my shoes too if there will be any left in the years to come.

Because I sure won't let them forget it.
So stand tall, Fed Lib voters.
'Coz I want to see who these people are.
Didn't the fact that T2's pere (Pierre) loved Marxism give you any idea just how the kid might turn out?

And to think that people hated Harper....incredible!
So they traded him for a trust-fund baby who decided that one of his most important projects (of all the fixes he could have selected) would be to legalize marijuana...

So start keeping your repair receipts (which you paid for with after-tax dollars!)
...we'll have to fight hard to get T2 to allow our using receipts--and maybe even long-ago-paid-off mortgage interest--if he's going to start taxing capital gains.

"Yeah, sure," Kia would've said, "as though anybody kept repair receipts for 40 years of living in their home!"

I smell a hammer 'n sickle armband blowin' in the wind.

As an anonymous commenter stated "Every Canadian is the real target."
Mark his words...