SOUSA TO MORNEAU: CHANGE CAPITAL GAINS TAX TO DETER REAL ESTATE SPECULATORS

Ontario’s Finance Minister wants Ottawa to take a hard look at speculative investing in Canada’s housing markets – and address the situation – by changing how real estate profits are taxed.
Capital gains tax is currently charged on 50 per cent of the profits on the sale of a home – unless the property qualifies for an exemption as a principle residence.
Charles Sousa has written to federal Finance Minister Bill Morneau – urging him to boost the taxable amount to above 50 per cent.
He says that could help make housing more affordable for first-time home buyers.
Michael Kramer

About Michael Kramer

Michael is the afternoon news anchor on the New Classical 96.3FM and hosts the program Zero to 1800.