Singh to target ‘big-money’ house-flippers by hiking taxable amount of capital gains

DM

The NDP leader promised Tuesday to crack down on “big-money” house-flippers by increasing the taxable amount of capital gains profits from 50 to 75 per cent. Jagmeet Singh made the announcement in Metro Vancouver, an area where the New Democrats hope to attract voters frustrated with housing prices that have skyrocketed out of reach of many middle-class families. “One of the big problems that we’re seeing is that very wealthy investors are using the housing market like a stock market,” he said. “And we want to tackle that. We want to get big money out of housing.” He said his plan would target wealthy speculators who buy affordable homes, renovate them quickly and resell them for profit, while using what he describes as the capital-gains loophole to not pay their “fair share” of taxes. The Liberals cut the capital-gains inclusion rate to 50 per cent from 75 per cent in 2000. Leader Justin Trudeau has refused to close the loophole even though it has a billion-dollar price tag and 88 per cent of it goes to the richest one per cent of Canadians, Singh said.

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