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.
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.
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.
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
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
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
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/
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
Quote from: cc post_id=371897 time=1595104655 user_id=88
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.
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
Quote from: cc post_id=371899 time=1595105224 user_id=88
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.
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
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.
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.
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
Quote from: Odinson post_id=371901 time=1595107115 user_id=136
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.
Quote
I read about this last year Seoul.
Quote from: seoulbro post_id=371880 time=1595100886 user_id=114
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.
We plan on selling our house in 2023. We might bump that up if Trudeau steals our equity.
Liberals deny tax on home sales — honest!
Prime Minister Justin Trudeau and the Liberals say they have no plans to introduce a new tax on Canadians when they sell their homes. Can we believe them?
In my view, we can ... for now.
Then again, a couple of weeks ago, they said no members of Trudeau's family were paid by the WE organization.
This after WE was awarded a now-cancelled, sole-sourced, $912-million contract by Trudeau and Co., including a fee of up to $43.53 million to administer a program paying students $10 per hour — below the minimum wage — to work as "volunteers."
And we all know how that turned out.
The Liberals have repeatedly denied they have any intention of introducing a capital gains tax when Canadians sell their principal residences.
That means the home where they live, the sale of which the federal government does not tax, as opposed to homes bought for investment or speculative purposes.
But it would be naive to think the Liberals have never considered the idea, or that they would never implement such a tax in future.
After all, they have to find ways to finance the massive federal debt they've rung up over the past four months to pay for all the government programs they've announced in response to the COVID-19 recession.
There's only one taxpayer and there is no free lunch.
What the government gives in COVID-19 relief to taxpayers, it will eventually have to pay for with money taken from taxpayers.
A tax on capital gains for homeowners — meaning a tax on the increased value of the home from the time they buy it to the time they sell it — would funnel billions of new tax dollars into federal coffers every year.
[size=150]In last year's election, Trudeau denied the Liberals had such plan after it was mentioned in a November, 2018 discussion paper by the Ontario Liberal caucus.
[/size]
It suggested a capital gains tax of 50% on the sale of residential homes after one year of ownership, gradually reduced to 5% in the fifth year, to discourage real estate speculation.
Trudeau said the Liberals were not considering such a tax and called suggestions by Conservative leader Andrew Scheer that they were, a lie.
Instead, Trudeau said, Liberals would make home ownership easier by lowering prices on first home purchases by 10%, giving more money to people living in places where houses cost more, taxing vacant homes owned by people who don't live in Canada and providing a $40,000, interest-free loans to homeowners to adapt to climate change.
Now, the Liberals are denying a report in Blacklock's Reporter that they are considering a capital gains tax on the sale of principal homes.
[size=150]This because the Canada Mortgage and Housing Corp., a federal Crown agency, is paying $250,000 for a study by a university think tank which has been critical of the fact Canadians don't pay taxes on the sale of their principal homes,[/size] arguing it gives an unfair financial advantage to homeowners over renters.
Ahmed Hussen, the Trudeau cabinet minister responsible for the CMHC, denied the government is considering such a tax and CMHC president and CEO, Evan Siddall, denied the CMHC is researching it.
https://torontosun.com/news/national/goldstein-liberals-deny-tax-on-home-sales-honest
There is no reason to panic yet. But, it would be naive to believe the Trudeau regime has not considered taxing principal residences.
Not today, but if he wins the next election with a majority, it would likely happen
Actually, now I think on it, he would not even need a majority. The far left would glom onto the concept to get from who they see as the rich class
Quote from: cc post_id=372230 time=1595355172 user_id=88
Not today, but if he wins the next election with a majority, it would likely happen
Actually, now I think on it, he would not even need a majority. The far left would glom onto the concept to get from who they see as the rich class
Taxes are going up. Whether it's this new rich man's tax on the houses of working families or not, I don't know.
There may not be much incentive to work in the future. They may not be able to keep much of their pay.
Quote from: Velvet post_id=372264 time=1595375201 user_id=2021
There may not be much incentive to work in the future. They may not be able to keep much of their pay.
:sad:
Death by taxation. It is coming.
Quote from: Thiel post_id=372365 time=1595459155 user_id=1688
Death by taxation. It is coming.
If not taxes, our obsession with meeting net zero emissions by 2050 will.
The Canadian Mortgage and Housing Corporation is spending $250,000 to study proposals for a home equity tax. A home equity tax would take big chunks of the proceeds when families sell their homes. That would leave them with less to buy a new home or provide for retirement.
Is there anything Trudeau is not going to tax for our own good.
Quote from: Herman post_id=398841 time=1611354275 user_id=1689
The Canadian Mortgage and Housing Corporation is spending $250,000 to study proposals for a home equity tax. A home equity tax would take big chunks of the proceeds when families sell their homes. That would leave them with less to buy a new home or provide for retirement.
It's looking more like a tax on home equity will become a reality.