The Trudeau Liberals announced that you now have to report the sale of your home on your income tax return beginning 2016.
Your ‘primary residence’ has always been exempt from capital gains tax . Now that the sale must be reported, a tax is not far behind. We’ve always had this tax exemption, and before now you never had to report the sale, because there were no taxes to be paid.
When the Liberals previously announced the home registry they claimed it was somehow a way to protect to ensure Canadians from paying a tax. But this week in Question Period the Liberal Minister of Finance stated there are “exemptions to the exemptions”.
If you work from home, you are now an exemption to the exemption, and Trudeau’s latest Tax Target.
The percentage of square feet you work from home in, or run your business from, is now taxable. Imagine, if you use your den to run your small business from, that will now be taxed.
This issue has not prompted a peep out the Liberal-friendly mainstream media.