Affordable Housing

Re: Tax on Capital Gains over $750k on principle residences. Suggest it be made clear that the capital gains calculated for the purposes of this tax would only start accruing when the tax is implemented. I was speaking to a couple that was very worried that this type of tax would be applied to the capital gains they have earned since they bought their house over 20 years ago. They have no pension or other retirement savings and are planning to use the proceeds from the sale of their principle residence as their retirement fund when they can no longer operate their small business. I'm sure the intention is to be prospective with the tax as it would only be fair that the full implications are know when making decisions regarding real estate and other investments.


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