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tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Wed Mar 22, 2017 2:45 pm

Anyone with a proverbial head attached properly knows one of the most basic differences between Canada and the US is - no inheritance taxes in Canada
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Wed Mar 22, 2017 2:49 pm

https://turbotax.intuit.ca/tips/canada- ... mation-463

In Canada, there is no inheritance tax.

www.investopedia.com/articles/retiremen ... canada.asp

Canada is generally viewed as a country with no estate tax
 
2000sqft
Real Estate Talker
Posts: 36
Joined: Fri Jan 20, 2017 8:17 am

Re: Should the government intervene?

Wed Mar 22, 2017 3:46 pm

reallyreal2 wrote:
2000sqft wrote:
reallyreal2 wrote:
First I am hearing of eliminating CGE.  Yep - budget made no mention of it.  Doesn't mean it can't happen in the future.

I guess when it happens it will be good for everyones kids.....

Would it effect the kids at all? 

Parents pass away and there is a smaller pie in the inheritance.  Smaller DP on cheaper house (CGE eliminated) or bigger DP on expensive house (CGE as is).  Pick your poison.

I sure would hope no kids are banking on an inheritance to buy a place...even if they are....how many ppl give birth to their first kid when theyre around 50?? if the average life expectancy is 80...that means the kids will have to wait until around 30 before they get their inheritance..
To the moon and beyond!...at $2000 per sq ft
 
reallyreal2
Real Estate Talker
Posts: 657
Joined: Fri Jun 03, 2016 11:30 am

Re: Should the government intervene?

Thu Mar 23, 2017 8:25 am

2000sqft wrote:
reallyreal2 wrote:
2000sqft wrote:
I guess when it happens it will be good for everyones kids.....

Would it effect the kids at all? 

Parents pass away and there is a smaller pie in the inheritance.  Smaller DP on cheaper house (CGE eliminated) or bigger DP on expensive house (CGE as is).  Pick your poison.

I sure would hope no kids are banking on an inheritance to buy a place...even if they are....how many ppl give birth to their first kid when theyre around 50?? if the average life expectancy is 80...that means the kids will have to wait until around 30 before they get their inheritance..

I know right.   Tell that to some of the bulls here that always tell us people can afford to buy in Vancouver because of the bank of Mom and Dad.  Well bank of Mom and Dad have less money if the CGE is removed.  I can't believe some people rely on mom and dad in the first place.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Thu Mar 23, 2017 8:27 am

^^^--- irrelevant

Everyone knows that in Canada there are no inheritance taxes like there are in the US though
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Thu Mar 23, 2017 8:56 am

one of the basic differences between Canada and the US ,besides the obvious one about super low property taxes is that there arent inheritance taxes in Canada.
https://turbotax.intuit.ca/tips/canada- ... rmation463

another of the basic things coming from that is its pretty obvious and well known that ,at least for people that have suitable familes for it it is that people do get things from Mom and Dad.  It does bring a lot of drool or envy from people that cant access that, but it is what happens a lot.

Many of those Mom and Dad's, particularly the ones that want to build a legacy try to avoid flushing their money away on taxes when they could instead pay off their mortgage faster for an unlimited tax free income.
 
jimtan
Real Estate Talker
Topic Author
Posts: 5384
Joined: Tue Jul 31, 2007 10:59 pm

Re: Should the government intervene?

Thu Mar 23, 2017 9:23 am

Foreign site.

The government needs to intervene in order to prevent an America-style RE crash. As Steve points out, leverage is driving the market. That looks okay as long as RE prices are rising. Homeowners think they have equity. However, once prices level off and interest rates rise, the leverage looks more problematic.  :wink:

"Leverage and Debt Driving Real Estate Growth"

http://vancitycondoguide.com/leverage-a ... te-growth/

Our governments may not have the courage to trim the RE monster. That only means that a Black Swan event will have dire consequences.  :!:
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Thu Mar 23, 2017 9:26 am

^^----- This is Vancouver, not America. Things are different here
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Thu Mar 23, 2017 9:27 am

Thats a joeboy site for lack of a better word.   He/She/It thinks interest will rise. For those that (wrongly) think interest will rise, you can get a long term mortgage.
 
jimtan
Real Estate Talker
Topic Author
Posts: 5384
Joined: Tue Jul 31, 2007 10:59 pm

Re: Should the government intervene?

Thu Mar 23, 2017 12:42 pm

Fortunately, Steve has the ability to read and comprehend.

"Canada Households owe the most in G7"

That is definitely about Canada.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Thu Mar 23, 2017 1:03 pm

^----- Not about Canada. They're talking about America stuff. See it again.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Thu Mar 23, 2017 1:04 pm

besides that America is there, its an irrelevant joeboy site known to be negative
 
jimtan
Real Estate Talker
Topic Author
Posts: 5384
Joined: Tue Jul 31, 2007 10:59 pm

Re: Should the government intervene?

Thu Mar 23, 2017 1:10 pm

See the chart.

"Canada Households owe the most in G7"

Hope you are not blind; as well as crazy?
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Should the government intervene?

Thu Mar 23, 2017 1:13 pm

^-- irrelevant

I still see America. I didnt write it first.
 
jimtan
Real Estate Talker
Topic Author
Posts: 5384
Joined: Tue Jul 31, 2007 10:59 pm

Re: Should the government intervene?

Thu Mar 23, 2017 1:16 pm

Here's the graph. Hope everyone can see how clever you are.
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