Liberal Minority Government 2021 - ????

[Furniture]

Home equity taxes incoming…

URGENT: STOP HOME EQUITY TAXES

You know Canadians rely on the equity they’ve built in their homes. You know taxes don’t make things cheaper. So why is Prime Minister Justin Trudeau and his cabinet meeting with an academic who pushes home equity taxes?

mailchi.mp

….on your principal residence.

I'd feel bad, but after decades of NIMBYs shutting down housing developments, I can't muster the energy to feel any particular way.

 

[Jarnhamar]

Don't judge your betters!

No judgement here. If my postal code was on fire and I was looking for I do if love to come across this while looking for help

He gave me one last pat on my butt, upwards with his palm as all the kinky sex books tell you to, though gentler than he'd been laying it on for the previous hour. More precisely, the last hour and 20 minutes. My smartwatch had given me little silent taps since our time ran out, but he wanted to cuddle afterwards.

 

[Good2Golf]

Don't judge your betters!

@Good2Golf I believe its -5 social credit, but i dont want to presume.

Possibly even -10, but maybe just -5 for Jarn’s first time infraction.

My takeaway from the storyline was disbelief…that Kelowna is one of Canada’s most expensive cities…

 

[Brad Sallows]

Home equity taxes incoming…

Maybe. But about time, if so, in a couple more years after I've decided whether to sell or rent it out. Damned if any property owners in the generations after me should enjoy the same kind of benefits as all those ahead of them. And don't let them write off any of the costs of financing and maintaining and securing and improving their property. Squeeze them for every penny. If they don't like it, the 2/3 of people who own their residences can take out their anger on the political parties bold enough to make the grab.

 

[brihard]

I'm sure she just experienced the velocity differently. Good on her for paying it and not going to court.

$273 is the fine for 32 over, and she was going $132, so that tells me she got dinged for 132 in a 100; presumably the part of Highway 2 that’s a divided four lane.

 

[RangerRay]

Speed limits in Alberta are a guideline. She must have been hauling ass!

 

[brihard]

Not defending or excusing it, but in anything other than heavy traffic I routinely see this kind of speed on the 100 stretches of divided highways in Ontario. Go 130 in the left lane long enough and someone will pass you on the right. So I can’t see this as anything other than a quite minor infraction that most of us are probably guilty of.

 

[Haggis]

$273 is the fine for 32 over, and she was going $132, so that tells me she got dinged for 132 in a 100; presumably the part of Highway 2 that’s a divided four lane.

The most amazing part is that, contrary to popular LPC minister practice, she took immediate responsibility for her actions. No blaming anyone or anything.

For $4.00 less than $273, you can get a nice comfort cruiser bike.

 

[Remius]

Home equity taxes incoming…

URGENT: STOP HOME EQUITY TAXES

You know Canadians rely on the equity they’ve built in their homes. You know taxes don’t make things cheaper. So why is Prime Minister Justin Trudeau and his cabinet meeting with an academic who pushes home equity taxes?

mailchi.mp

….on your principal residence.

An interesting counter…

https://x.com/mikepmoffatt/status/1659531788337971203?s=46&t=1o_OK3gKV8VP0ZA4AWeWnA

 

[IKnowNothing]

I'd feel bad, but after decades of NIMBYs shutting down housing developments, I can't muster the energy to feel any particular way.

Here's an article outlining/ advocating for a proposal Kershaw has put forward.

I was kind of surprised. I assumed it would would be something more in line with tax policy in place, something like removing the blanket principal residence exemption from capital gains taxes BUT also making the sale of a principal residence eligible for the lifetime capital gains exemption- but really the result is similar- something that would have next to no impact on the vast majority of home homeowners.

 

[Halifax Tar]

Here's an article outlining/ advocating for a proposal Kershaw has put forward.

I was kind of surprised. I assumed it would would be something more in line with tax policy in place, something like removing the blanket principal residence exemption from capital gains taxes BUT also making the sale of a principal residence eligible for the lifetime capital gains exemption- but really the result is similar- something that would have next to no impact on the vast majority of home homeowners.

Sounds about right. Problem + New Taxes = Canadian Solution.

 

[Quirky]

“More work needs to be done” is the new Liberal phrase for incompetence.

 

[IKnowNothing]

Sounds about right. Problem + New Taxes = Canadian Solution.

Didn't say it was the solution, just providing more context than a chicken little email blast that's transparently manipulative

 

[Brad Sallows]

Taxing home equity is one of those things that has to be thought through long and hard. Large numbers of people have undoubtedly made long-term plans based on housing price trends of the past three to four decades. I can think of several categories (some overlap) of people who would not welcome a sudden lump tax liability.

• people who have to move frequently and already have to lose a bit of equity every time to swinging commissions and (where applicable) property purchase taxes on the next acquisition
• people whose home equity is all they have after CPP/OAS/GIS
• people whose retirement is substantially based on their home equity
• people who have taken out second mortgages, especially people right on the edge at which the tax liability would put them underwater if they wanted (or worse, had to) sell
• everyone who sells, buys, and moves - every expense (bit of equity eaten away) sets people a little bit further back in the market than the position they occupied before they started shopping

F*cking around with something that has been in place for a long time just because governments are desperate for money due to their own fiscal ineptitude, based on vague notions that homeowners "don't deserve" their gains (if not them, who?), is ripe for a snowball of adverse unintended consequences.

 

[YZT580]

Didn't say it was the solution, just providing more context than a chicken little email blast that's transparently manipulative

Trudeau has already stated that housing isn't a federal responsibility. So if this isn't federal I can't see where the constitution would allow him to establish a tax since it is a provincial thing. The provinces took the feds to court over the carbon tax and only lost because it wasn't assessed to be a tax

 

[Remius]

Didn't say it was the solution, just providing more context than a chicken little email blast that's transparently manipulative

Thanks for the explanation. It’s less controversial than I thought but still something I’d be leery about.

 

[Remius]

Trudeau has already stated that housing isn't a federal responsibility. So if this isn't federal I can't see where the constitution would allow him to establish a tax since it is a provincial thing. The provinces took the feds to court over the carbon tax and only lost because it wasn't assessed to be a tax

That isn’t quite what he said. He said it isn’t primarily a federal responsibility. He also went on to say that it is still something the can and must help with.

 

[Rifleman62]

One consequence of paying a capital gain is that your annual income is raised and CRA will clawback OAS. Happened to wife and I (income split). Clawback is over 12 months.

 

[brihard]

Any party that was even seen to be seriously exploring a capital gains tax on primary residence would get punched so hard in the dick by any voters who own a residence that they wouldn’t know what hit them. I’m pretty sure even the LPC know this.

Cynical optimism: too many MPs own secondary/income residences and factor this into their estate planning.

 

[daftandbarmy]

Any party that was even seen to be seriously exploring a capital gains tax on primary residence would get punched so hard in the dick by any voters who own a residence that they wouldn’t know what hit them. I’m pretty sure even the LPC know this.

Cynical optimism: too many MPs own secondary/income residences and factor this into their estate planning.

From 2021:

‘Political suicide’: Capital gains tax on home sales a risky proposal, experts say​

“With many Canadians having built their wealth (and retirement plans) on realizing the full value of their home, any amendments would have to carefully balance the impact on the housing market and the financial security of Canadians, and apply only on a go-forward basis,” Hogue wrote in the revised note.

Politicians appear to agree. None of the plans put forward by Canada’s main parties suggest lifting the capital gains exemption for principal residences, with the exception of the Liberal party’s proposed anti-flipping tax.

That’s because it would be “political suicide,” said Tim Cestnick, a tax and personal finance expert and CEO of Our Family Office Inc.

“Many Canadians look at their homes as their pension plan,” he said. “If the government were to just change the rules and start taxing gains, that could put a lot of people into a very challenging retirement situation.”

‘Political suicide’: Capital gains tax on home sales a risky proposal, experts say - National | Globalnews.ca

Conservative Leader Erin O'Toole said, ``Canadians are worried (Liberal Leader Justin Trudeau is) going to be taxing their primary home sales.''

globalnews.ca