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Thread: What credit-card payoff? Consumers are dumping debt

  1. #71
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    Lord Tammerlain's Avatar
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Dittohead not! View Post
    Really? I heard you have to pay a sales tax on real estate, also. is that correct?
    I dont know about provincial sales taxes but on new homes yes we pay the GST on it

    For a new home that is going to be lived in by the owner, it is rebated (cut in half of the 5%. For an investment property you pay the full 5%

    Alberta does not have a sales tax so I dont know if provincial sales taxes cover home sales

    Used homes are excempt from the GST
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Lord Tammerlain View Post
    I dont know about provincial sales taxes but on new homes yes we pay the GST on it

    For a new home that is going to be lived in by the owner, it is rebated (cut in half of the 5%. For an investment property you pay the full 5%

    Alberta does not have a sales tax so I dont know if provincial sales taxes cover home sales

    Used homes are excempt from the GST
    New homes in the USA may not have a sales tax, but there are impact fees up the a$$ collected by the city for any new home being constructed....
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  3. #73
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by UtahBill View Post
    New homes in the USA may not have a sales tax, but there are impact fees up the a$$ collected by the city for any new home being constructed....
    yes, that's so. Maybe out home taxes aren't so different after all. Still, how many people could afford a new home mortgage if they couldn't deduct the interest? It seems to me that eliminating the interest deduction would bring down the price of houses.

    Maybe real estate is cheaper in Canada, but watching the HGTV channel that my wife loves for some reason, it looks about the same to me.
    "The greatest enemy of knowledge is not ignorance. It is the illusion of knowledge" Stephen Hawking

  4. #74
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Dittohead not! View Post
    yes, that's so. Maybe out home taxes aren't so different after all. Still, how many people could afford a new home mortgage if they couldn't deduct the interest? It seems to me that eliminating the interest deduction would bring down the price of houses.

    Maybe real estate is cheaper in Canada, but watching the HGTV channel that my wife loves for some reason, it looks about the same to me.
    I think outside of California, NYC and Honalulu and some other desirable locations I believe it is more expensive in most Canadian cities

    The cheapest new condos for sale in Calgary are selling for $174 000 or so. They are on the intersection of 2 major roads, wood frame construction and in the least expensive area of the city

    A 700 square foot condo closer to downtown in a concrete building sells for at least $280 000. New homes, with a two car garage with a 30 min drive with no traffic to downtown sell for around $300 000.
    Conservatives believe that the government is incompetent, and seek to elect people who will ensure it is

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Lord Tammerlain View Post
    I think outside of California, NYC and Honalulu and some other desirable locations I believe it is more expensive in most Canadian cities

    The cheapest new condos for sale in Calgary are selling for $174 000 or so. They are on the intersection of 2 major roads, wood frame construction and in the least expensive area of the city

    A 700 square foot condo closer to downtown in a concrete building sells for at least $280 000. New homes, with a two car garage with a 30 min drive with no traffic to downtown sell for around $300 000.
    Sounds like it is on a par with most of our metropolitan areas, the San Fransisco area excepted. Maybe we could survive not having an interest deduction after all. We will need to raise more taxes somehow, if we're ever going to balance the federal budget.
    "The greatest enemy of knowledge is not ignorance. It is the illusion of knowledge" Stephen Hawking

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