www.insideHALTON.com | OAKVILLE BEAVER | Thursday, November 26, 2015 | 26 Dollars & Sense Guest Contributor Peter Watson RAISE YOUR HAND FOR CANADA With the third largest oil reserves on the planet Canada has the energy the world and Canadians need. Yet nearly 80% of oil in Quebec and Atlantic Canada is imported from countries such as the U.S., Saudi Arabia, Iraq, Norway and Algeria. Now is the time to build the infrastructure to get our energy to more Canadians and keep the economic benefits at home. Think oil and natural gas developed the Canadian way is good for Canada? Then raise your hand and show your support by joining Canada's Energy Citizens at Not actors. Real Canadians. T Should gains from the sale of a house be taxed? ax-free capital gains from selling your house could be a mistake. One tax rule most Canadians understand is pro t from the sale of a principal residence is tax-free. This has been a windfall for many, but, in hindsight, is this fair? We will have a simple exercise of `follow the money' and you decide what is right and what is wrong. Should our federal government tax gains received from you selling your house? For many families, a house is its largest asset and the group that has bene ted the most from rising prices are babyboomers. That generation is currently aged 50-70 and many have owned a house for several decades. It is not uncommon to hear someone purchased their residence in Oakville for $200,000 and now that same house is worth close to $1-million. This is a result of supply and demand. After the Second World War, babyboomers started being born in signi cant numbers. The economic fallout was unprecedented economic prosperity. The economy was expanding, jobs were plentiful and the Canadian dream was ful lled with homeownership. Now , boomers are starting to cash in their chips and selling their houses at exorbitant prices to the next generation. Fortunately, for those selling a house, the world suffered a huge economic setback in 2008 and 2009 and, as a result, interest rates are still historically low. Therefore, the next generation of younger buyers can afford to overpay for their house because the carrying costs are relatively low. When interest rates rise, affordability of overpriced housing will suddenly be too expensive. It is predicted there will be strong pressure on prices and the value of houses could decline. If that happens, it will end up being a generational shift of nancial prosperity and hardship. Baby-boomers will cash out and prosper from selling their see Baby-boomers on p.29 energycitizens.ca R0023531902-1126