New tax in the works on the sale of your home

[Gone_Fishin]

This will get that budget to balance itself!


From Dr Lewis:

The Liberals never stop looking for new ways to tax Canadians, and now they want to tax your principal residence.
Despite calling us liars in the last election when we tried to warn that the Liberals were going to bring in a home equity tax, it has come to light that CMHC is spending $250,000 researching that very thing.

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. Principal 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.


Link to Sun story: https://torontosun.com/news/national/cm ... x-research

[Merry]

This has got to be a new low for the Liberals.

When I think of how hard my husband and I worked, and how much we sacrificed, to finally pay off our mortgage so we could have a secure future, the thought of the Government taxing away any gains just makes my blood boil. Because if and when we get too old to continue living here, and have to move into either assisted living or long term care, we’re going to need every penny we can get out of our home to help cover the cost.

We planned for our future based on the fact any gains in our home would be tax exempt. But now “spendthrift“ Trudeau wants to move the goalposts, and leave us with an uncertain future.

What a jerk!

[Hurtlander]

This will get that budget to balance itself!


From Dr Lewis:

The Liberals never stop looking for new ways to tax Canadians, and now they want to tax your principal residence.
Despite calling us liars in the last election when we tried to warn that the Liberals were going to bring in a home equity tax, it has come to light that CMHC is spending $250,000 researching that very thing.

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. Principal 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.


Link to Sun story: https://torontosun.com/news/national/cm ... x-research

How disgusting. If this goes through, it’ll likely prevent a great number of seniors from selling their homes and using the proceeds to move into retirement homes, or downsizing into something smaller.
If they want to level the playing field between renters and homeowners, how about forcing renters to pay property tax.

[kelownman]

The home equity tax is said to be "not accurate"

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.

“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.

https://ca.finance.yahoo.com/news/claim ... 44579.html

[Merry]

Frequently the outcome of research is dependent on WHO actually does the research. This is because humans have a tendency to allow preconceived notions to influence the way their research is conducted. We have a natural bias toward that which confirms our previously held beliefs.

So, with that in mind, the following should be of concern

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.”

Having folks with that kind of attitude conduct research into ways to make homes more affordable, does tend to lend weight to the belief that a recommendation for a “home equity tax” will be the likely outcome.

And it stinks!

[Gone_Fishin]

Don't fall for a Liberal apologist's misinformation. CMHC itself admits this is about wealth redistribution through taxation, and Justin Trudeau sells that to his *bleep* supporters every day.

“The objective is to identify solutions that could level the playing field between renters and owners,” said CMHC spokesperson Audrey-Anne Coulombe.

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

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

[George Orwell 1984]

So is the objective to make everyone equal as in equally poor? I worked long and hard with the objective of paying off my mortgage and being relatively secure in retirement.There is nothing to justify that the playing field needs to be levelled although I do sympathize with renters it should not come at the expense of others. ANOTHER TAX GRAB disguised as sinful homeowners
“ winning the lottery”

[The Green Barbarian]

So is the objective to make everyone equal as in equally poor?

Been to Cuba/North Korea/Venezuela? Or watch the news? This is what these guys are all about - immense human suffering. That's why their black hearts beat with nothing but true evil. Just so horrible.

[seewood]

Yesterday Blacklocks reported that the research is being conducted at the University of British Columbia’s school of population.

*bleep* is the UBC's school of population????? Another basket weaving degree?

Who thinks this nonsense up? I'd like to see JT at a podium right now describing how the Liberals want to implement a home equity tax to pay for his never ending apologies and throwing borrowed money around without an apparent care in the world.
Wouldn't be surprised if donning his bullet proof vest becomes a regular occurrence every morning. This might just push some wack-job over the top.

[The Green Barbarian]

*bleep* is the UBC's school of population????? Another basket weaving degree?

Yes, it is a thing...

https://www.spph.ubc.ca/

Your tax dollars at work.

[GordonH]

The people of Canada from sea to sea to sea need to send a very clear message ”We have absolutely no confidence in the current Canadian government, we demand an election NOW”.

Yes it sucks to have election in the middle of a pandemic, blame goes directly at jt.

[Merry]

The Liberals have a history of toying with the idea of taxing principal residences.

Garth Turner wrote an article back in Sept 2019 about this very subject
https://www.greaterfool.ca/2019/09/13/the-house-tax-2/

[lesliepaul]

Yesterday Blacklocks reported that the research is being conducted at the University of British Columbia’s school of population.

*bleep* is the UBC's school of population????? Another basket weaving degree?

Who thinks this nonsense up? I'd like to see JT at a podium right now describing how the Liberals want to implement a home equity tax to pay for his never ending apologies and throwing borrowed money around without an apparent care in the world.
Wouldn't be surprised if donning his bullet proof vest becomes a regular occurrence every morning. This might just push some wack-job over the top.

There would not be a politician (any) that would vote FOR this that would not be looking over their shoulders for the rest of their existence on earth..........which would not be very long at all. Push the WRONG button one too many times and some sanctimonious idiots bloodlines could come to a grinding halt.

Trudeau/Morneau.........."we are going to ensure that what you have worked for all of your lives you will eventually lose and that money will end up paying retired politicians and their families so they can live in a style they have become accustomed too before it can be passed along to your family".

............Trudeau then points to his *bleep* and his socks with a twinkle and a smile.

[monilynno]

The end goal.

[vegas1500]

The people of Canada from sea to sea to sea need to send a very clear message ”We have absolutely no confidence in the current Canadian government, we demand an election NOW”.

Yes it sucks to have election in the middle of a pandemic, blame goes directly at jt.

Careful what you wish for. There are many people that think he’s “doing an amazing job” (I know it’s ludicrous) because of the money he’s been throwing at Canadians. It blows my mind how anyone could think he’s Prime Minister quality...... I wouldn’t let him run a car wash.....useless