Staff in Prime Minister Justin Trudeau’s office met with a group that received funding to produce a report recommending a home equity tax, according to new documents obtained by the Canadian Taxpayers Federation.
“During the election, Trudeau told voters he wasn’t going to impose a home equity tax, so why are his staff meeting about home equity taxes?” asked Franco Terrazzano, Federal Director of the CTF. “If Trudeau wants Canadians to believe he’s not coming after our homes, then his government should stop acting like it’s considering a home equity tax.”
When Canadians sell the home they own and live in – their primary residence – they do not pay tax on the proceeds.
A group called Generation Squeeze received funding from the Canada Mortgage and Housing Corporation to study housing policy. The resulting report includes recommendations for a home equity tax.
Someone check Maggie Trudeau’s speaking engagement calendar.
In April of 2022, CMHC confirmed it gave an additional $200,000 to Generation Squeeze. The CTF also obtained records of Generation Squeeze’s pitch for more taxpayers’ money to influence public opinion in favour of a home equity tax.
The documents reference the development of “key messages” aimed at changing public opinion about the group’s home equity tax proposal.
When asked, the CMHC told the CTF the federal government will not be moving forward with any proposals to tax principal residences and said any suggestion to the contrary was false.
The agency did not say if it would keep funding Generation Squeeze’s advocacy work.
Related: Strangely, anyone who sold their home that year was questioned on their income tax as to how much they paid for their home, plus the year, as well as how much they sold it for.
Lieberals lying. Quelle surprise.
DB
The Lieberals will spin a home equity tax as follows: “We’re not taxing home equity, we’re just taxing the windfall profits made from selling.
It will be labeled a windfall profit tax
joe, I purely hope they implement this bullshit. The more people they offend, the quicker the revolution or the faster WEXIT. Bring it.
in the glob and flail, another person agitating for a home equity tax, because it’s not “fair” to renters.
https://www.theglobeandmail.com/business/rob-magazine/article-the-homeowner-tax-exemption-isnt-fair-to-renters-and-should-be/
no mention that if you are a landlord, you pay tax on any rental income, plus as a home owner you pay taxes to the government every year to the government in the form of property taxes, so that the government can allow you to use your own property. (yes, I know it’s not to the federal government, but it’s still government, and there is only 1 taxpayer)
At end stage Kleptocracy,theft is the norm.
Remember the Golden Rule;”Do not steal,your government hates competition”.
Now that the level of theft is exceeding the income of over half the tax base,the decline will be swift and is already obvious.
If you have any wealth,you must hide it from your government.
For these parasites are addicted to O.P.M and it is running out.
Those of us who thought Crackheads were irrational losers,will come to see..
Our politicians will go lower.
Sold our home last year – it was a requirement that we report what it sold for on 2021 income tax return. I would have liked to say “none of your $…**!! business” but the penalties for not reporting are substantial.
Reporting home sale details has been in place for about 5 years. Most people would have had no clue. It has always been public policy to encourage citizens to own their own homes. The current government prefers totally dependent serfs reliant on government handouts.
You will note that the setup is anonymous, there is no one, just airy talking points.
As it is today, to avoid responsibility for any idiotic scheme that government does, it is done because it is in the little red book of guidelines. That way no one is responsible, what they do is just following the little red book and that’s that.
The group of course is another fascists scheme of the so called ‘Liberal’ government.
I have become very cynical in my old age. I have long known that the government who basically represents all of the “losers” of society, hate the productive members. As a single woman, when I decided I wanted to buy a house, I stopped going out every weekend, stopped eating in restaurants unless it was for special occasions and started to aggressively save for a down payment. That was 40 years ago. I could only afford “fixer-uppers” and would live in them and renovate as I could afford to. I DID climb the property ladder, but I put sweat equity into all of my properties.
I did have friends (no longer) who used to say “You’re so lucky to own a house” But they never saved for a down payment, saved to do reno’s (there was no such thing as lines of credit back in the 1980’s and my first mortgage was 16% interest). And now I am to be penalized by the government because I played by the rules of the game and the powers that be think I am just “lucky” to own property. I am NOT happy.
The government is looking at your wise investments of capital and sweat-equity as income. Now they want to tax it.
What does one expect from a government that views legitimately earned income as theft? After all, didn’t Prinz Dummkopf call small business owners as tax cheats?
Yes.. this isn’t cynicism, btw. It’s a completely rational response to this proposal for yet another tax the Liberals will invent. But, in any contest between Canadians who act in a prudent manner and the instant gratification crowd, the Liberals will always side with the losers. Because there are way more of them. They’ll piss off 10 people like us in order to buy the votes of the other 90 people. Fundamental Liberal electoral mathematics.
It reminds me of being in university, working at a gas station to afford rent, books, and my tuition. I took advantage of the cooperative work program and had a workterm that year. Had to pay the putrid government $2000 that year in income tax. Back then, in my position, $2000 was practically all my disposable income for the year. The rest I saved for school. Prudence = healthy host = blood: start sucking.
Well put, Big Momma. You said it very succinctly. Why should you be penalized for the bad decisions of others?
Raise taxes, cut spending, or borrow more money. Not many options left for the Federal Government. They will spin a new home sales tax as a “rich” tax, starting with any sale over _________ (probably $1 million to start). This is a low-hanging fruit government when it comes to getting more money.
It will start at million dollar homes but they will realize there are not that many million dollar homes (hardly any in Saskatchewan) and it will gradually move down to the $300k homes which is where the bulk of the money is. But they will sell it as make the rich pay program initially so idiots will buy in.
Export our abundant natural resources to the world.
Fiscal problems solved
Respectfully, a better way would be to produce goods, not just resources. And I don’t see that happening either because investment capital has largely fled the country due to government interference and the rise of centralized planning and control.
Agreed. Value-added employs locally & yields bigger profits.
Resources are goods.
I think bringing in a home tax will make Liberals wish they’d confiscated every single gun in Canada and jailed all two million + owners.
Oh, Buddy.
You are dreaming.
Canadians revolt?
Best that can happen is a quiet underground movement, with guns of course.
Sometimes dreams come true…sigh.
Agree completely, Buddy. Liberals and their media hacks are so out-of-touch with anyone right of Idi Amin, I actually hope they try this.
Step 1: government creates the problem of huge deficits and gigantic debt
Step 2: government desperately looks for ways to tax to pay for said deficit, chooses “wealthy homeowners”, whose capital gains derive from government-created inflation plus restrictive housing development policies plus massive (im)migrant inflows into major cities boosting prices through higher demand
Step 3: as we are seeing, government funds studies recommending home owner capital gains, invoking the politics of envy to “tax the rich”
Step 4: government introduces tax on “only the most expensive” homes to establish the principle that it is normal to tax homeowners capital gains
Step 5: in future years, government increases the scope of those in the new tax net till eventually everyone is in – it’s the gradual boiling of the frog process, cynically intended or pure blundering blindly into the quicksand. (We all remember the “temporary” beginning of income tax in 1917, right? https://www.rcinet.ca/en/2017/07/25/canada-history-july-25-100-years-of-temporary-tax/)
This is the correct answer.
Surprised to see it still archived at the CBC.
The Libranos: Gotta Spend Money To Steal Money
Another great header Kate.
You make it look easy.
They’ve been floating this idea since 2019 and, like I’ve said in the past, if you’re seeing it printed and acknowledged, nevermind the denials, it’s a real possibility. Many of our “honourable” members of parliament have short squeezed Canadians and doubling down on global homogeneity.
It goes back much further. I can’t exactly remember but it was either in the 60’s or 70’s the Liberals floated something similar , but it was a monthly tax predicated on the notion that anyone who rents pays a monthly tax as part of the rent , so for equity (Liberal left thinking) , anyone who owned a house should pay a proportional tax. That trial balloon crashed before launch.
Liberals are never about improving the economy to benefit everyone , only about squeezing more and more money from taxpayers.
Thanks Brian! Very interesting.
You have me traversing the rabbit hole to find this evidence.
Looks like Libranos’ approach to accomplish WEF’s credo is to tax everything we own to death. Own a gas-guzzling car? we’ll make you pay a lot for gas. Own a house? we’ll make you sorry, no pb. Remember WEF’s famous “you will own nothing and you’ll be happy”? When they tax everything we own to hell and back, I guess some day soon the idea of “happiness” will be to not own anything (“Thank God I got rid of this/that, now King Justin/Jagmeet cannot tax me anymore”).
When they tax everything we own to hell and back, I guess some day soon the idea of “happiness” will be to not own anything (“Thank God I got rid of this/that, now King Justin/Jagmeet cannot tax me anymore”).
Ain’t nuthin’ new under the sun. Mohammedans have practiced that for centuries. It’s called jizyah.
Central banks will be raising rates until 2 percent inflation is here. This is inevitable for goverment to go after physical assets as they have to slow the printing of currency. This is only one tax, many more are in the works. Capital gains will be a windfall tax on land owners. I have no RRSP, GIC and relatively small investments within five figures. My pension is the land, but they will rationalize taxing it as I’m the colonizer.
I’d support a “flipping” tax – many countries already have this. But I suspect a “home equity tax” will function exactly as VAT: it will be passed on to the buyer, and the buyer will pay it. It will accelerate foreign buying, and further cut young domestic Westerners out of the markets. The choice between a home and a family will accelerate the Great Replacement.
Fun times ahead. If you are a smart, educated, motivated young Westerner, why the hell aren’t you emigrating already?
Seems ZERO reason to stick around. ZERO. Visit the West as a tourist in the years ahead. But base your income and wealth in a country that values you.
Go where you are treated best. Expect the brain drain from Canada to accelerate.
Let us all not forget our idiot “Finance Minister” who recently mused about gov’t getting it’s hands on what she curiously called “preloaded stimulus”.
What you and I call our savings, held in the banks Trudeau taught us cannot be trusted ever again, she sees as some sort of gov’t largesse, and she wants to get her hands on it. In places like Greece, this is known as a “haircut”.
This gov’t WILL steal your money, and they’ve already got the banks and credit unions on board and primed to do it.
I see today the gov’t will introduce even more gun control. I wonder why…
Weyland
Well, we can thank that supposed Conservative Harper for setting that ball. in motion.
I do recall in one of his Omnibus bills was a section dealing with: BANK BAIL IN.
Whereby if they started to fail, the gates to your Accounts would be unlocked and your deposits lightened to say the least….all to help the “poor” banks.
Canadian Bank Profits soaring…
https://www.reuters.com/business/canadian-banks-set-1st-qtr-profit-growth-costs-margins-could-deal-blow-2022-02-22/
https://www.nasdaq.com/articles/canadian-banks-shrink-future-bad-debt-cushion-even-as-economic-risks-mount-0
SEEMS to me the Rothschilds are doing just fine …no?
What government needs to do instead is stop printing money by allowing interest rates to trade in a free market. Then capital gains will be minimal and there will be no incentive to tax. In a country like canuckistan, all we produce is inflation (and some oil and gas but the government is trying to shut that down) so inflation is the only thing to tax. A home equity and primary residence capital gains tax would both be disasterous policies.
This has been coming down the pipe for a long time.
A convoy would be great about now.
Until they introduce a 20% annual tax on trust funds I’m not interested.
On bikes?
Who can afford the fuel for the big rigs?!
Fewer and fewer reasons to remain in Canada. The US allows for mortgage interest write-offs and actual 30 year mortgage terms. If a home equity tax is brought in, there is zero reason to buy a home here, especially for our younger generations. Sarcastic question – If the home equity tax comes into effect and I sell my home in ten years and get less than I paid for it, do I get a tax credit?
The US allows mortgage interest write offs in exchange for charging capital gains tax on your primary residence.
Another ‘Us vs Them Divide’ to create and exploit.
Anyone who bought a home will be described as evil and greedy to those who can’t buy a home now because of insane Liberal policies.
‘Because it’s 1917 or something.’
That’s exactly it – money has to move somewhere for some reason in order for the Liberals to get their tribute. Doesn’t matter what the reason is. At the end of it all there will be a brown paper bag with an unmarked and fat manila envelope going to LPC coffers.
Headline says it all Kate. Thanks for the site.
bverwey