The federal budget promises $10 billion to make housing more affordable. Measures include tax credits for a variety of items, but the big ones, at least to me are:
1. 2-year ban on foreign buyers;
2. Sales taxes on assignment sales;
3. No principal residence exemption for properties bought and sold within 12 months;
I should stress these are not effective yet, simply announced. No doubt this will result in a few changes in the real estate market, more to come over the next few weeks.
And for all of you that drink low-alcohol beer, the excise duty on beer is gone. No discussion about taxes on wines from Italy!
Details of the budget are available online, but I found this article from the Globe and Mail to provide a good summary – Here’s how the 2022 federal budget affects home buyers and consumers – The Globe and Mail – https://www.theglobeandmail.co
Tony Spagnuolo, Barrister & Solicitor
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