From: Canuck57@nospam.com   
      
   On 05/03/2013 5:10 AM, Alan Baggett wrote:   
   > Save on capital gains with the best tax break in the country :CRA SOTW   
   > Garry Marr | Feb 16, 2013 8:00 AM ET   
   >   
   >   
   > Here’s a news flash for Canadian senators trying to justify where they live   
   so they can claim a few perks from Ottawa.   
   >   
   > When it comes time to sell one of them could be the biggest break of all.   
   The Canada Revenue Agency allows you to pick the property where you have the   
   largest capital gain as your principal residence, and it could save you   
   thousands in taxes.   
   >   
   > “I can’t think of any tax break of the same magnitude,” said Gurinder   
   Sandhu, executive vice-president of Re/Max Ontario-Atlantic and a trained   
   accountant.   
      
   Only for senators.  In point, your primary residence is non-taxable and   
   in technical point, their primary residence isn't Ottawa unless they   
   live in Ottawa to represent Ottawa, in which case they don't get housing   
   allowances.   
      
   Sort of just more Ottawa hypocrisy and greed.   
      
   > “The basic premise is that you designate the property with the largest gain   
   as your principal residence,” he says.   
      
   Works if your a politicians, senator or well connected.   
      
   Another trick some have used is to sell one as the principle residence,   
   then move to the other and a year or two later sell it as a primary   
   residence.  A double gain and no tax.   
      
   > That will be good news for people like Mike Duffy, the Conservative senator   
   who lists a home in Cavendish, P.E.I., as his primary residence. He has   
   expensed taxpayers $33,000 for his living accommodations in Ottawa, which he   
   says is his second home.   
      
   Funny how Duffy turned out to be a hypocritical POS after all eh?   
      
   > The scenario of having two homes, each eligible for a capital gains break,   
   is one that plays out for many Canadians, not just senators. Some may even   
   have a cottage worth more than the home they reside in most of the year.   
      
   Actually not.  CRA leaned on my dad for this as he tried the same shell   
   game.   
      
   CRA has rules for the connected, and the rules for everyone else.   
      
   > Remember when you do sell one of your homes, you either report the gain or   
   the government considers you claimed the exemption.   
      
   Best not to report anything that you are not obliged to report, period.   
     Less CRA knows, the less likely they can screw you around.   
      
   > “When you sell the next one you’d only get [a break on a portion] of the   
   [capital] gain,” said Mr. Golombek.   
   >   
   > Don’t pay the tax on the second home and you could be guilty of tax evasion.   
   And, if you think you can put one home in your name and the other your   
   spouse’s, you can’t. There’s one capital gain for both parties and that goes   
   for common-law couples too.   
      
   Your guilt will be determined by you political connections and class   
   status in Canada.   
      
   Yes, Canada is a class based tax system.  There are 4 classes:   
      
   - taxpayer slave class   
   - politician partially tax free class with nontaxable benefits like   
   Redford's $32,500 Olympic vacation.....on the taxpayer non-taxed.   
   - FN, no tax, no product or results needed, just take.   
      
   And the unofficial "untouchables" like bribe takers, mafia, ad-scammers,   
   and the like.  No one even asks where all the SNC bribery money   
   went....they are untouchables.  RCMP even watched Rizuto's count cash,   
   no tax man.  Heck, RCMP meets the Sr at the airport to provide protection!   
      
   CRA people know their limits.   
   --   
   Liberal-socialism is a great idea so long as the credit is good and   
   other people pay for it.  When the credit runs out and those that pay   
   for it leave, they can all share having nothing but debt and discontentment.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)