Association urges removal of tax on reinvestment
(Source: Calgary Herald)
Residential income property sales generate millions of dollars in economic activity in various industries as well as creating a number of jobs throughout the country.
And a new economic study underscores the need to remove tax barriers to property reinvestment, said the Canadian Real Estate Association.
“Spinoff benefits generated by ancillary spending in (Toronto, Calgary and Vancouver) totalled $137 million per year over the 2006 to 2008 period,” said the Altus Group report prepared for the association on the economic impact of commercial multi-unit residential property transactions in the three major Canadians centres.
Read Mario Toneguzzi’s full article “Income property sales fuel millions in economic spinoffs” in the Calgary Herald (September 26, 2009).