Mario Toneguzzi recent article at the Calgary Herald looks at a study prepared for the Canadian Real Estate Association. The study documents the millions of dollars of spin off benefits and direct and indirect employment created as a result of multi-unit residential property transactions.
This is expected and does not come as a surprise. Possibly, the underlying motive of the study was to provide a foundation argument for some kind of tax relief for real estate investors. To quote the article,
"CREA says many income property owners are reluctant to sell and re-invest because of the capital gains tax and recaptured capital cost allowance".
The Home Renovation Tax Credit has been a huge success and it would be nice to see some kind of tax relief passed on to multi-unit residential property owners.
Source Calgary Herald