Canada Must Reject Capital Gains Tax On Homes

[Anonymous]

If he's thinking of a significant equity tax based on value for those owning and living in their homes, it will destroy the very base of Canada, as you said "citizens' financial security is so tied to the equity in their homes"

That is exactly what they haver their eye on. They need revenue streams for all their profligate spending.

That's what I thought.

[Anonymous]

If he's thinking of a significant equity tax based on value for those owning and living in their homes, it will destroy the very base of Canada, as you said "citizens' financial security is so tied to the equity in their homes"

That is exactly what they haver their eye on. They need revenue streams for all their profligate spending.

Any news about this,  and you let us know. I want to leave my farm to my boy, not Justine.

[Anonymous]

The Seoul brother has been warning us about this. I could see Justine doing this after he gets his majority.



Homeowners should have tough questions for campaigning politicians

https://torontosun.com/opinion/columnists/sims-homeowners-should-have-tough-questions-for-campaigning-politicians?fbclid=IwAR1FGyOg8YJjshvCiO0UzvZ4f2Ray0Fh5cFM7Frwh4tUsx8pxsoqtR7rpp4">https://torontosun.com/opinion/columnis ... soqtR7rpp4">https://torontosun.com/opinion/columnists/sims-homeowners-should-have-tough-questions-for-campaigning-politicians?fbclid=IwAR1FGyOg8YJjshvCiO0UzvZ4f2Ray0Fh5cFM7Frwh4tUsx8pxsoqtR7rpp4



The government wants your money, and your home could be next. With the debt now more than $1,000,000,000,000, the feds are rummaging under every couch cushion for cash.



A home equity tax could be their next imagined solution, but don't expect to hear it on the campaign trail. This is a big tax and politicians will want to keep it a secret until after the votes are in.



Currently, capital gains taxes aren't charged on the sale of your primary residence. Meaning, if you sell your house for more than you paid for it, you can use all of that money to help pay for your next home or anything you want.



If there were a tax on the sale of your primary residence, the feds could take thousands of dollars from you when you sell your house, or an annual home equity tax could be a federal property tax for homeowners who aren't selling.



Analysts have estimated that such a tax could pour about $7 billion per year into federal government coffers.



Either way, the feds are thinking about it, but they don't want you to know it.



The story of a home equity tax blew up last summer when Blacklocks Reporter broke the story that the feds are spending $250,000 through the Canada Mortgage and Housing Corporation on research that will look at taxing principle residences.



The project was being conducted by a group at the University of British Columbia called Generation Squeeze.



Then-finance minister Bill Morneau denied that the feds were thinking about such a tax.



The CMHC also tried to say they weren't studying such a tax, but documents obtained by the Canadian Taxpayers Federation shows that they were.



Emails exchanged between CMHC and Generation Squeeze make it clear:



"We aim to engage multiple generations in the search for housing policy adaptations that work for all, while reducing affordability challenges facing young adults," reads the material obtained through Freedom of Information. "Policy adaptations that will receive attention include opportunities to shift from some current or future taxation of earnings toward more taxation of housing wealth."



It's no secret that the UBC-based group favours hiking taxes on home sales.



"Capital gains earned from the sale of principal residences in Canada are not counted as income for tax purposes. The federal government reports this tax expenditure costs nearly $7 billion annually, along with corresponding reductions to provincial coffers."



Language like that assumes that everything belongs to the government and should be taxed, and if it's not, it's a loss to the state.



If the government seizes thousands of dollars when a family home is sold, that's money that is not helping folks in their senior years. That could be thousands of dollars going to the government instead of going to the adult children of the home-sellers who are saving up for their own house. That could even be money that's not helping to put grandchildren through post-secondary school.



This isn't just about retirees. Younger people count on the sale of their starter homes to be able to afford homes with backyards for their growing families. If the feds take a bite of that sale money, it reduces the family's buying power and could block them from moving up the housing ladder.



If homeowners know they're going to get nailed with a big tax if they sell, they could stay put and not sell, taking that starter home off the market. Or they could just tack that new tax cost on to the listing price, making the home more expensive.



Lower supply and higher prices doesn't make housing more affordable.



This wouldn't fix housing problems – it would just be a cash grab by a government with no fiscal discipline. And at their current pace of spending, the Trudeau government would blow through this home tax revenue in five days.



If politicians come knocking at your door for a vote, you should ask them if they're actually casing your place for a home equity tax.

[Thiel]

We have runaway deficits. Life will only get more expensive for Canadians. And that's not including the yearly increases in the carbon tax theft.

[Anonymous]

The Seoul brother has been warning us about this. I could see Justine doing this after he gets his majority.



Homeowners should have tough questions for campaigning politicians

https://torontosun.com/opinion/columnists/sims-homeowners-should-have-tough-questions-for-campaigning-politicians?fbclid=IwAR1FGyOg8YJjshvCiO0UzvZ4f2Ray0Fh5cFM7Frwh4tUsx8pxsoqtR7rpp4">https://torontosun.com/opinion/columnis ... soqtR7rpp4">https://torontosun.com/opinion/columnists/sims-homeowners-should-have-tough-questions-for-campaigning-politicians?fbclid=IwAR1FGyOg8YJjshvCiO0UzvZ4f2Ray0Fh5cFM7Frwh4tUsx8pxsoqtR7rpp4



The government wants your money, and your home could be next. With the debt now more than $1,000,000,000,000, the feds are rummaging under every couch cushion for cash.



A home equity tax could be their next imagined solution, but don't expect to hear it on the campaign trail. This is a big tax and politicians will want to keep it a secret until after the votes are in.



Currently, capital gains taxes aren't charged on the sale of your primary residence. Meaning, if you sell your house for more than you paid for it, you can use all of that money to help pay for your next home or anything you want.



If there were a tax on the sale of your primary residence, the feds could take thousands of dollars from you when you sell your house, or an annual home equity tax could be a federal property tax for homeowners who aren't selling.



Analysts have estimated that such a tax could pour about $7 billion per year into federal government coffers.



Either way, the feds are thinking about it, but they don't want you to know it.



The story of a home equity tax blew up last summer when Blacklocks Reporter broke the story that the feds are spending $250,000 through the Canada Mortgage and Housing Corporation on research that will look at taxing principle residences.



The project was being conducted by a group at the University of British Columbia called Generation Squeeze.



Then-finance minister Bill Morneau denied that the feds were thinking about such a tax.



The CMHC also tried to say they weren't studying such a tax, but documents obtained by the Canadian Taxpayers Federation shows that they were.



Emails exchanged between CMHC and Generation Squeeze make it clear:



"We aim to engage multiple generations in the search for housing policy adaptations that work for all, while reducing affordability challenges facing young adults," reads the material obtained through Freedom of Information. "Policy adaptations that will receive attention include opportunities to shift from some current or future taxation of earnings toward more taxation of housing wealth."



It's no secret that the UBC-based group favours hiking taxes on home sales.



"Capital gains earned from the sale of principal residences in Canada are not counted as income for tax purposes. The federal government reports this tax expenditure costs nearly $7 billion annually, along with corresponding reductions to provincial coffers."



Language like that assumes that everything belongs to the government and should be taxed, and if it's not, it's a loss to the state.



If the government seizes thousands of dollars when a family home is sold, that's money that is not helping folks in their senior years. That could be thousands of dollars going to the government instead of going to the adult children of the home-sellers who are saving up for their own house. That could even be money that's not helping to put grandchildren through post-secondary school.



This isn't just about retirees. Younger people count on the sale of their starter homes to be able to afford homes with backyards for their growing families. If the feds take a bite of that sale money, it reduces the family's buying power and could block them from moving up the housing ladder.



If homeowners know they're going to get nailed with a big tax if they sell, they could stay put and not sell, taking that starter home off the market. Or they could just tack that new tax cost on to the listing price, making the home more expensive.



Lower supply and higher prices doesn't make housing more affordable.



This wouldn't fix housing problems – it would just be a cash grab by a government with no fiscal discipline. And at their current pace of spending, the Trudeau government would blow through this home tax revenue in five days.



If politicians come knocking at your door for a vote, you should ask them if they're actually casing your place for a home equity tax.

I know Seoul believes a home equity tax is coming......I hope he's wrong.

[Frood]

Justine's solution for everything is to charge us more.

I don't understand conversations like this...about a resistance movement. Nothing can be resisted within the system. Even if you get a small victory, they reroute the bill through other means and end up getting you to vote for the same level of taxation but usually more, in the end...  

[Anonymous]

Justine's solution for everything is to charge us more.

I don't understand conversations like this...about a resistance movement. Nothing can be resisted within the system. Even if you get a small victory, they reroute the bill through other means and end up getting you to vote for the same level of taxation but usually more, in the end...  

Our prime minister has doubled Canada's debt in the six years he's been in power..



He is making more expensive promises we can't afford..



He needs more of our money to pay for his promises..



A home equity tax seems plausible..



Only one major party is committed to not implementing this tax.

[Anonymous]

The Seoul brother has been warning us about this. I could see Justine doing this after he gets his majority.



Homeowners should have tough questions for campaigning politicians

https://torontosun.com/opinion/columnists/sims-homeowners-should-have-tough-questions-for-campaigning-politicians?fbclid=IwAR1FGyOg8YJjshvCiO0UzvZ4f2Ray0Fh5cFM7Frwh4tUsx8pxsoqtR7rpp4">https://torontosun.com/opinion/columnis ... soqtR7rpp4">https://torontosun.com/opinion/columnists/sims-homeowners-should-have-tough-questions-for-campaigning-politicians?fbclid=IwAR1FGyOg8YJjshvCiO0UzvZ4f2Ray0Fh5cFM7Frwh4tUsx8pxsoqtR7rpp4



The government wants your money, and your home could be next. With the debt now more than $1,000,000,000,000, the feds are rummaging under every couch cushion for cash.



A home equity tax could be their next imagined solution, but don't expect to hear it on the campaign trail. This is a big tax and politicians will want to keep it a secret until after the votes are in.



Currently, capital gains taxes aren't charged on the sale of your primary residence. Meaning, if you sell your house for more than you paid for it, you can use all of that money to help pay for your next home or anything you want.



If there were a tax on the sale of your primary residence, the feds could take thousands of dollars from you when you sell your house, or an annual home equity tax could be a federal property tax for homeowners who aren't selling.



Analysts have estimated that such a tax could pour about $7 billion per year into federal government coffers.



Either way, the feds are thinking about it, but they don't want you to know it.



The story of a home equity tax blew up last summer when Blacklocks Reporter broke the story that the feds are spending $250,000 through the Canada Mortgage and Housing Corporation on research that will look at taxing principle residences.



The project was being conducted by a group at the University of British Columbia called Generation Squeeze.



Then-finance minister Bill Morneau denied that the feds were thinking about such a tax.



The CMHC also tried to say they weren't studying such a tax, but documents obtained by the Canadian Taxpayers Federation shows that they were.



Emails exchanged between CMHC and Generation Squeeze make it clear:



"We aim to engage multiple generations in the search for housing policy adaptations that work for all, while reducing affordability challenges facing young adults," reads the material obtained through Freedom of Information. "Policy adaptations that will receive attention include opportunities to shift from some current or future taxation of earnings toward more taxation of housing wealth."



It's no secret that the UBC-based group favours hiking taxes on home sales.



"Capital gains earned from the sale of principal residences in Canada are not counted as income for tax purposes. The federal government reports this tax expenditure costs nearly $7 billion annually, along with corresponding reductions to provincial coffers."



Language like that assumes that everything belongs to the government and should be taxed, and if it's not, it's a loss to the state.



If the government seizes thousands of dollars when a family home is sold, that's money that is not helping folks in their senior years. That could be thousands of dollars going to the government instead of going to the adult children of the home-sellers who are saving up for their own house. That could even be money that's not helping to put grandchildren through post-secondary school.



This isn't just about retirees. Younger people count on the sale of their starter homes to be able to afford homes with backyards for their growing families. If the feds take a bite of that sale money, it reduces the family's buying power and could block them from moving up the housing ladder.



If homeowners know they're going to get nailed with a big tax if they sell, they could stay put and not sell, taking that starter home off the market. Or they could just tack that new tax cost on to the listing price, making the home more expensive.



Lower supply and higher prices doesn't make housing more affordable.



This wouldn't fix housing problems – it would just be a cash grab by a government with no fiscal discipline. And at their current pace of spending, the Trudeau government would blow through this home tax revenue in five days.



If politicians come knocking at your door for a vote, you should ask them if they're actually casing your place for a home equity tax.

This will only happen if Trudeau wins a majority. Not even the NDP can sell this type of confiscation as "fairness" and they will not support such legislation.

[Anonymous]

The cat is out of the bag. Watch Liberal candidate Jason Hickey.



'IT'S WHAT WE HAVE TO DO': Liberal candidate says housing tax is coming



The Conservatives have been claiming the Liberals will, if re-elected, bring in a tax on the sale of primary residences — something not currently done in Canada.



Hickey was asked about the issue of the government applying a capital gains tax on the sale of primary residences and he seemed to indicate it was something that would be done.



"But of course, anyone selling their primary residence, if you do make money on that, unfortunately you will have to pay tax on that. I wouldn't agree to that either, but it's what we have to do," Hickey said during the online chat with residents of his New Brunswick Southwest riding.

https://torontosun.com/news/election-2021/its-what-we-have-to-do-liberal-candidate-says-housing-tax-is-coming">https://torontosun.com/news/election-20 ... -is-coming">https://torontosun.com/news/election-2021/its-what-we-have-to-do-liberal-candidate-says-housing-tax-is-coming



https://twitter.com/CPC_HQ/status/1435968363314827272?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1435968363314827272%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ftorontosun.com%2Fnews%2Felection-2021%2Fits-what-we-have-to-do-liberal-candidate-says-housing-tax-is-coming">https://twitter.com/CPC_HQ/status/14359 ... -is-coming">https://twitter.com/CPC_HQ/status/1435968363314827272?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1435968363314827272%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ftorontosun.com%2Fnews%2Felection-2021%2Fits-what-we-have-to-do-liberal-candidate-says-housing-tax-is-coming

[Anonymous]

The home equity tax calculator will give you three different cost estimates based on potential home equity tax proposals.

Why three estimates?

Because special interest groups pushing home equity taxes are being deliberately vague. They're trying to convince people that new home taxes will fuel government spending and somehow make homes more affordable.

But they don't want you to look at the price tag.

Here's the thing: it's your home. You have a right to know how much a home equity tax could cost you. So, we asked a chartered accountant to looked at three of the most prominent proposals. We did our best to nail down the details. And we're making sure you have a reasonable estimate of what a home equity tax could cost you.

https://www.taxpayer.com/en/home-equity-tax-calculator?utm_source=facebook&utm_medium=social&utm_campaign=home_equity_tax&utm_content=calculator_23850003814710702&fbclid=IwAR1J1AYAqDn5C8zB2rr1Zw-LJeEjDvzUIsRbERtj2lOQtkp4SPAX3zaRxN8">https://www.taxpayer.com/en/home-equity ... PAX3zaRxN8">https://www.taxpayer.com/en/home-equity-tax-calculator?utm_source=facebook&utm_medium=social&utm_campaign=home_equity_tax&utm_content=calculator_23850003814710702&fbclid=IwAR1J1AYAqDn5C8zB2rr1Zw-LJeEjDvzUIsRbERtj2lOQtkp4SPAX3zaRxN8

[Anonymous]

The home equity tax calculator will give you three different cost estimates based on potential home equity tax proposals.

Why three estimates?

Because special interest groups pushing home equity taxes are being deliberately vague. They're trying to convince people that new home taxes will fuel government spending and somehow make homes more affordable.

But they don't want you to look at the price tag.

Here's the thing: it's your home. You have a right to know how much a home equity tax could cost you. So, we asked a chartered accountant to looked at three of the most prominent proposals. We did our best to nail down the details. And we're making sure you have a reasonable estimate of what a home equity tax could cost you.

https://www.taxpayer.com/en/home-equity-tax-calculator?utm_source=facebook&utm_medium=social&utm_campaign=home_equity_tax&utm_content=calculator_23850003814710702&fbclid=IwAR1J1AYAqDn5C8zB2rr1Zw-LJeEjDvzUIsRbERtj2lOQtkp4SPAX3zaRxN8">https://www.taxpayer.com/en/home-equity ... PAX3zaRxN8">https://www.taxpayer.com/en/home-equity-tax-calculator?utm_source=facebook&utm_medium=social&utm_campaign=home_equity_tax&utm_content=calculator_23850003814710702&fbclid=IwAR1J1AYAqDn5C8zB2rr1Zw-LJeEjDvzUIsRbERtj2lOQtkp4SPAX3zaRxN8

I completed the survey......they'll email me how much a home equity tax would cost my family..



I'll probably get a lot of spam too.