Housing affordability is front and centre in the current federal election campaign, so much so that even policies that haven’t yet been announced — and may never have been destined for a platform — are courting controversy.
This week, the Conservatives accused the Liberals of harbouring a plan to impose capital gains tax on the proceeds from the sale of a principal residence, a charge the Liberals have flat out refuted. Currently, income generated from the sale of a principal residence is exempted fully from capital gains, and removing such an exemption would be no small matter.
With the issue in the spotlight again, we thought it was a good time to look back at the interesting history of the capital gains tax in Canada, and its particularly significant ramifications for the real estate market.
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