Trudeau to introduce home equity tax

Anonymous · July 21, 2020, 12:05:34 PM

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">https://torontosun.com/news/national/go ... les-honest">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.

cc · July 21, 2020, 02:12:52 PM

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

Anonymous · July 21, 2020, 04:45:12 PM

~~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.

Anonymous · July 21, 2020, 07:46:41 PM

There may not be much incentive to work in the future. They may not be able to keep much of their pay.

Anonymous · July 21, 2020, 08:45:28 PM

~~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.

Thiel · July 22, 2020, 07:05:55 PM

Death by taxation. It is coming.

Anonymous · July 22, 2020, 09:29:28 PM

~~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.

Anonymous · January 22, 2021, 05:24:35 PM

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.

Anonymous · January 22, 2021, 06:49:59 PM

Is there anything Trudeau is not going to tax for our own good.

Thiel · January 22, 2021, 11:00:26 PM

~~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.

News:

The best topic

Trudeau to introduce home equity tax

Anonymous

cc

Anonymous

Anonymous

Anonymous

Thiel

Anonymous

Anonymous

Anonymous

Thiel