Quote:
Originally Posted by Plett25
I believe in the US, mortgage interest is deductible, but the gain on the sale of your house is taxable.
|
This isn't entirely accurate. A gain on the sale of your house in the US may be tax-free, if certain conditions are met.
Very simply, an individual can exclude from taxation up to $250,000 (and married couples can exclude up to $500,000) in profit from the sale of their primary residence provided that they have lived in the home for a minimum of two years.
Quote:
Originally Posted by Mr.Coffee
There's a certain arrogance about Canadians and Calgarians specifically that is really off-putting.
|
Agreed, and what is most annoying about it--from my perspective--is that the assertion of Canadian greatness appears to be done with little to no admission that Canada is what it is today precisely because of its relationship* with the US. Canada benefits greatly by being connected with the US, just as the US benefits greatly by being connected with Canada.
I don't think that either country is "better" than the other, but I do tend to believe that, over time, Canada will become more like the US and that the US will become more like Canada.
* Geographic, historical, economic, etc.