I never put money into an RRSP, and only have some in a TFSA, I'm blue collar and bought a fixer upper young and all my money has really gone into the house. Right place, right time. So now my major concern is if I'm going to get hit with the home equity capital gains tax.
Our plan was always to move to a rural area, which is looking ~2 years out. If they actually implement a capital gains tax on primary dwellings that affects me it's either compensate with the RRSP, or if it's that big sell before it comes in.
If I have to sell then I've got a lot of room to shelter what I don't need to spend on a property in the TFSA and RRSP.
And yes, all my main holdings are in the US. Lol not investing in this clown country with its clown currency. Even my holdings that are down are still up because our currency has fallen so far.
I'm genuinely concerned for others my age and younger. Hopelessness is dangerous.
Yeah, this doesn’t sound so good. Hopefully renovations can be deducted. Not many would have kept receipts for that though.
This is my friend’s theory. That they will tax the homes.
People will mortgage them to pay the tax, but still get to live in them. Not sell.
Not unless there are some container homes or vacant condos waiting around.
The homes won’t be passed down to Gen Z. It’s just like Blackrock in the US owning whole streets.
“You will own nothing and you will be happy.”
Seems like Canada’s housing market was inflated just for this scheme. Notice this will harm Canadian citizens. There’s a hold on foreign ownership for now, so that they don’t get caught up in the scheme.
What’s your strategy for the economic times ahead? Certainly capital gains will continue to be a problem. Are you mostly invested in the US?
I never put money into an RRSP, and only have some in a TFSA, I'm blue collar and bought a fixer upper young and all my money has really gone into the house. Right place, right time. So now my major concern is if I'm going to get hit with the home equity capital gains tax.
Our plan was always to move to a rural area, which is looking ~2 years out. If they actually implement a capital gains tax on primary dwellings that affects me it's either compensate with the RRSP, or if it's that big sell before it comes in.
If I have to sell then I've got a lot of room to shelter what I don't need to spend on a property in the TFSA and RRSP.
And yes, all my main holdings are in the US. Lol not investing in this clown country with its clown currency. Even my holdings that are down are still up because our currency has fallen so far.
I'm genuinely concerned for others my age and younger. Hopelessness is dangerous.
Yeah, this doesn’t sound so good. Hopefully renovations can be deducted. Not many would have kept receipts for that though.
This is my friend’s theory. That they will tax the homes. People will mortgage them to pay the tax, but still get to live in them. Not sell. Not unless there are some container homes or vacant condos waiting around.
The homes won’t be passed down to Gen Z. It’s just like Blackrock in the US owning whole streets. “You will own nothing and you will be happy.”
Seems like Canada’s housing market was inflated just for this scheme. Notice this will harm Canadian citizens. There’s a hold on foreign ownership for now, so that they don’t get caught up in the scheme.