Ozzie Jurock
March 30, 2006.
...And More Could Join With Rollover Tax Measure
The newly elected Canadian government's election platform called for the elimination of capital gains tax for individuals who reinvest profits earned from selling real estate or financial investments within six months. The move would apply to physical and financial assets, potentially benefiting people who sell stocks and bonds, or properties such as cottages and family businesses.
Currently, Canadians who have financial assets or property other than a principal residence must pay tax on the capital gains resulting from the sale of a financial asset or property.
According to the National Commercial Council (NCC) of The Canadian Real Estate Association, small-scale investors are often unable to "grow" their real estate investments because of the tax consequences when selling a small asset to buy a larger one.
Major Point: A capital gains roll over provision would encourage more investors to get into the residential rental investment sector. It is a good time to be looking for that ideal property before the rush really gets underway.
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Best Regards, Richard Morrison
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