Trudeau to introduce home equity tax

[Anonymous]

The CMHC is spending $250,000 to research the first-ever home equity tax.



What the Liberals have proposed is a sliding scale of taxes on the equity on your home when you sell it. If you have been living in your home for a long time, the tax is 5%. For retirees who have lived in their family homes for decades, this could be tens of thousands of dollars.



That's money you were saving for retirement.



For young couples who recently bought a home but have to move for work or sell because they lost their job, the tax could be up to 50%.



Their plan is to peg the tax rate to the number of years you have owned your home. The Liberals don't care about your circumstances. They just need a new way to take your hard earned money.

[Anonymous]

Yesterday Blacklocks reported that the research is being conducted at the University of British Columbia's school of population. The same school that produced a report last year calling homeowners "lottery winners" and that their principal residences are "tax shelters."



Few statements could be more out of touch. Principle residences for most families are an investment in their family's future that are paid for by hard work and sacrifice.



The policies being suggested would punish families who are forced to sell their homes and move because of the Liberals' policies that put so many in the oil and gas sector out of work.



It would punish Canadians who just lost their parents and were left behind their family home as their inheritance.



And it will punish seniors who worked their whole life to pay off their home in order to have something to sell and retire on.



Do you know who this won't impact? Justin Trudeau and his inherited fortune. Or Bill Morneau, and people like him, who can't remember how many villas they own.



The biggest lie about these types of schemes is that they "tax the rich". The reality is that this plan will punish middle-class Canadians who are simply trying to provide for their families and maybe even leave a little something behind for their children.



Nobody is arguing that we shouldn't be trying to make homeownership more affordable. But a serious plan to do that involves ideas like taxing foreign investment buyers, not taxing average Canadians whose life savings are wrapped up in a three-bedroom home in the suburbs.

[Gaon]

This sounds like a bad idea. It seems most Canadians wealth is in their home. A tax on the equity in their home will make home owners poorer.

[cc]

Hold the Phone - We need more info on this



I don't see a link above at all > and could not find much by searching except this:



https://ca.finance.yahoo.com/news/claims-cmhc-is-funding-home-equity-tax-research-inaccurate-201944579.html">https://ca.finance.yahoo.com/news/claim ... 44579.html">https://ca.finance.yahoo.com/news/claims-cmhc-is-funding-home-equity-tax-research-inaccurate-201944579.html



Claims CMHC is funding home equity tax research 'inaccurate'



Stephanie Hughes

Financial Journalist

Yahoo Finance CanadaJuly 17, 2020



The Canadian Mortgage Housing Corporation (CMHC) says claims it invested $250,000 in federal home equity tax research are "not accurate".



A CMHC media relations representative told Yahoo Finance Canada in an e-mail that the funding will be used for the Solutions Lab initiative in an 18-month project to improve housing affordability in Canada, exploring an array of solutions.



The initiative, launched in 2018 under the National Housing Strategy, is working with the University of British Columbia organization, Generation Squeeze, to identify affordable housing solutions.



"While the project includes a research component, it is primarily focused on confirming the issues," a CMHC spokeswoman explained. "Once the issues have been further analyzed, the most promising solutions will be further developed with stakeholders, prototyped, tested and prioritized for possible implementation and scaling."



In other words, the CMHC has not outlined any plans to implement a concrete strategy from this initiative, let alone any tax-related policies. The organization has further clarified the purpose of the research initiative on Twitter:



SEE POST 2 by CMHC

https://twitter.com/paulvieira/status/1284108593881546758?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1284175759045787649%7Ctwgr%5E&ref_url=https%3A%2F%2Fca.finance.yahoo.com%2Fnews%2Fclaims-cmhc-is-funding-home-equity-tax-research-inaccurate-201944579.html">https://twitter.com/paulvieira/status/1 ... 44579.html">https://twitter.com/paulvieira/status/1284108593881546758?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1284175759045787649%7Ctwgr%5E&ref_url=https%3A%2F%2Fca.finance.yahoo.com%2Fnews%2Fclaims-cmhc-is-funding-home-equity-tax-research-inaccurate-201944579.html

[Anonymous]

They are looking at the tax. They are eyeing it as a source of revenue and they are looking at if they can sell it as "taxing the rich" in last year's election. And yes, I got it from Blacklock's.

https://www.blacklocks.ca/feds-eye-home-equity-tax/">https://www.blacklocks.ca/feds-eye-home-equity-tax/

[cc]

I bumped into that  blacklocks one, but no others except references to it



SEE POST 2 by CMHC (above)



Better yet



https://twitter.com/CMHC_ca/status/1284175759045787649">https://twitter.com/CMHC_ca/status/1284175759045787649

[Anonymous]

I bumped into that  blacklocks one, but no others except references to it



SEE POST 2 by CMHC (above)

I saw the post. It's recently been exposed and I would not expect a crown corporation to admit the feds are looking at taxing home equity.



Do I think it will happen? It depends on if the Trudeau regime thinks it can sell it as a tax on the rich. But, debt is skyrocketing, and new and higher taxes are coming. That you can be sure of.

[cc]

While I do not trust this govt (a huge given).  I don't see enough on this one to panic yet



All I see is blacklocks which on digging I believe to be opinion & speculation, but no other impressive work  except references to it (which don't count)



Yes any and[size=120] especially[/size] this govt is not to be trusted

[Anonymous]

While I do not trust this govt (a huge given).  I don't see enough on this one to panic yet



All I see is blacklocks which on digging I believe to be opinion & speculation, but no other impressive work  except references to it (which don't count)



Yes any and especially this govt is not to be trusted

I never said hit the panic button. But, the Liberals are looking at this among many other ways of trying to dig their way out from this huge debt hole they have dug us into. And this is not the first time the Liberals have tried secretly(but failed) looked at ways of getting a portion of home equity. I know Adam Vaughn denies it, but that's what the Liberals have to do. It would be suicide for them, if they(CBC) admitted this.



If we want a future where all Canadians can afford a good home, including our kids and grandkids, we must unravel this pre-existing catch-22. We need to make it so that no Canadian relies on gains in housing wealth to feel secure, and we need to rethink policies that by encouraging the financialization of housing push the cost to buy or rent a home even further out of reach."



It's estimated a national home sales tax would raise at least $6 billion a year for the federal treasury.



[size=150]In a 2019 report, UBC researchers called homeowners lottery winners with an unfair tax advantage.

https://torontosun.com/news/national/cmhc-spending-a-quarter-million-on-federal-home-equity-tax-research">https://torontosun.com/news/national/cm ... x-research">https://torontosun.com/news/national/cmhc-spending-a-quarter-million-on-federal-home-equity-tax-research



This has been around for a year, and with parliament not in session and the Tories leaderless, they have the confidence to explore this further.

[Odinson]

In Finland..



If you or some1 tied to you has lived in that house for more than 2 years = zero tax.





Less than 2 years living and you have to pay income tax..

Depending on the circumstance.. If you have to sell it due to financial issues, the tax can be dropped to zero.

[cc]

Here it's one year .. at least it used to be.

Mate's business was summer oriented, so before kids were an issue and house prices were rising steadily, he would build and we would move into a house each year. It made for good extra and nontaxable income for a while





I do not trust this govt of course. Justine is capable of anything

He had made open threats to kill TFSA's before elected, but so far has left them alone



They are capable of anything, both up front and hidden. I know that



They also will need homeowner support in the next election. Should they win, some kind of  move on homeowners is quite likely

[Anonymous]

In Finland..



If you or some1 tied to you has lived in that house for more than 2 years = zero tax.





Less than 2 years living and you have to pay income tax..

Depending on the circumstance.. If you have to sell it due to financial issues, the tax can be dropped to zero.

Of all the taxes we pay in Canada, property taxes in my city increase the fastest.

[Anonymous]

In a 2019 report, UBC researchers called homeowners lottery winners with an unfair tax advantage.

I read about this last year Seoul.

[Anonymous]

The CMHC is spending $250,000 to research the first-ever home equity tax.



What the Liberals have proposed is a sliding scale of taxes on the equity on your home when you sell it. If you have been living in your home for a long time, the tax is 5%. For retirees who have lived in their family homes for decades, this could be tens of thousands of dollars.



That's money you were saving for retirement.



For young couples who recently bought a home but have to move for work or sell because they lost their job, the tax could be up to 50%.



Their plan is to peg the tax rate to the number of years you have owned your home. The Liberals don't care about your circumstances. They just need a new way to take your hard earned money.

If this is implemented, it will kill the middle class faster than Justine's carbon cash grab.

[Anonymous]

We plan on selling our house in 2023. We might bump that up if Trudeau steals our equity.