In our latest episode of TaxBreaks, Kenneth Keung and Kim G C Moody discuss Canadian tax considerations – including recent policy changes – with respect to Canadian residential real estate. Specifically, Kenneth and Kim discuss:
- The principal residence exemption – is it too generous? Should there and will there be amendments to this generous exemption?
- The newly implemented "property flipping" rule – is it necessary?
- The new Underused Housing Tax Act – why was this introduced and a brief discussion of the numerous traps associated with this new legislation;
- The new "Prohibition on the Purchase of Residential Property by Non-Canadians Act" or the so-called "foreign buyers ban" – is this necessary?
- A brief discussion about provincial and municipal speculation / vacancy taxes.
A lot of the new policy responses are to purportedly respond to the housing shortages that many Canadians are experiencing. However, are such responses more political than grounded in sound public policy? Are they necessary? Join Kenneth and Kim as they have a lively discussion on the above topics.
Moodys Tax Law is only about tax. It is not an add-on service, it is our singular focus. Our Canadian and US lawyers and Chartered Accountants work together to develop effective tax strategies that get results, for individuals and corporate clients with interests in Canada, the US or both. Our strengths lie in Canadian and US cross-border tax advisory services, estateplanning, and tax litigation/dispute resolution. We identify areas of risk and opportunity, and create plans that yield the right balance of protection, optimization and compliance for each of our clients' special circumstances.
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