Federal government will adjust tax policy to target foreign home buyers

    1 of 1 2 of 1

      Finance Minister Bill Morneau plans to close a loophole to force foreign buyers to pay more tax when they sell homes, according to a news story in the Globe and Mail.

      Morneau has scheduled a news conference for 8:15 this morning in Ottawa where he's expected to outline the new policy.

      In the past, foreign buyers have been able to avoid paying capital gains taxes if they gave the home to family members living in Canada before it was put up for sale.

      Then these family members could sell the home as their principal residence, for which there's an exemption on capital gains taxes.

      Comments