2008-07-26

Torontonians Get Gigantic Tax Break

My taxes are higher because Torontonians get a gigantic tax break. A Torontonian who make a million dollars in capital gains on his home will pay absolutely nothing in capital gains tax. Even Americans pay capital gains tax on their homes.

Worse, Toronto's house prices are going up because the rest of Canada is moving to large cities. So not only are rural Canadians paying higher income tax than they should, they are paying higher housing prices when they move to cities in the Toronto area.

It is completely unfair and needs to stop NOW.

Mulruney put a capital gains tax on apartment building owners, Harper should put one on home owners. To make the new tax more palatable, there could be a large exemption, like in the USA.

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