Friday, March 9, 2018 / by Ruth Ballantyne
We also urged the current government to change the Capital Gains Tax law to allow Small Real Estate Investors to sell their present property and move up to a large property without paying capital gains tax as long as the money was reinvested in another property.
We also visited our MPP's in May to relay our dissatisfaction with the harmonized Gst. This tax will add an additional (approx) $2000 to a purchase of a new home in closing cost as all services will be subjected to the full 13% instead of the current 5%. Also the purchase of a new home will be affected. The government has a sliding scale where lower homes up to $400,000 would be exempt then a portion between $400,000 and $500,000 would have to pay a portion of the tax and those buying a new home over $500,000 would have to pay the full wack of 13%. This means that homes over $500,000 c0uld be paying an additional $40,000 plus dollars in tax.
We also lobbied to stop the Mandatory Energy Audit. This would have meant that each home would have had to have an Green Energy Audit when sold. This would have caused many major headaches for Homeowners trying to sell their home. Luckily we were successful in having the bill amended to allow the Buyer to Opt out of the Audit.
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