Home Equity Tax

[scribblet]

The fact that they are even discussing the possibility is troubling.  We know they will be looking for money soon, this could be one way.

Aaron Gunn

A home equity tax on Canadians is wrong.

This article is behind a paywall, but i've read it, and it should concern every Canadian homeowner.

Source: https://www.blacklocks.ca/feds-eye-home-equity-tax

[scribblet]

Thread here https://twitter.com/mindingottawa

from the invitation: 

quoting: "Many Canadians BANK ON PROFITS from home ownership to secure their financial future...WE NEED TO MAKE IT so no Canadian relies on gains in housing wealth..."

Edited July 18, 2020 by scribblet

[Moonlight Graham]

The problem with giving gazillions in money away is you have to pay it back.  Some people assume they shouldn't have to suffer financially during a recession.  It's absurd.  The people taking the COVID money should primarily have to pay it back.  But they want you and I to pay for it.  F--- them.

[betsy]

Quote

Canadian homeowners currently don’t pay tax when they sell their primary residence.

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

https://torontosun.com/news/national/cmhc-spending-a-quarter-million-on-federal-home-equity-tax-research

That's how socialism is - grabbing what you worked for to "spread it around equally."

 

So....what happens to those poor folks who rely on their investment in their primary residence to augment their pension?   When the time comes, will the government take care of their nursing home expenses..............................or, will they just euthanize them?  

For all their talking points, governments - especially socialist government - don't really care about the seniors who had already served their purpose.

They'll be coming up with all sorts of ways to claw back, we can be sure of that.

Edited July 19, 2020 by betsy

[Guest]

If it helps to curb flipping in the major population centres I might get behind it.

What if someone sells for less than they paid?  Will the CMHC give them some money by way of a tax rebate?

Edited July 19, 2020 by bcsapper
Possible dyslexia....

[scribblet]

Doubt it..   the Liberals are denying it, but when something starts floating around it's based on something,  it won't happen now, only maybe if they get a majority again. 

[Guest]

11 minutes ago, scribblet said:

Doubt it..   the Liberals are denying it, but when something starts floating around it's based on something,  it won't happen now, only maybe if they get a majority again. 

I would like to see something that penalized flippers.  A tax on profits that is inversely proportional to the length of time one has owned a property, say. 

Sell a house in Vancouver or Toronto that you bought less than three years ago, and face a massive tax bill.  Sell one you have lived in for thirty years and face no tax bill. 

That sort of thing.

Edited July 19, 2020 by bcsapper

[scribblet]

10 minutes ago, bcsapper said:

I would like to see something that penalized flippers.  A tax on profits that is inversely proportional to the length of time one has owned a property, say. 

Sell a house in Vancouver or Toronto that you bought less than three years ago, and face a massive tax bill.  Sell one you have lived in for thirty years and face no tax bill. 

That sort of thing.

Apparently it was suggested that the tax be on a sliding scale, down to 5% after 5 years.    Still, if your not a 'flipper' and just had to move why be penalized?

[Guest]

16 minutes ago, scribblet said:

Apparently it was suggested that the tax be on a sliding scale, down to 5% after 5 years.    Still, if your not a 'flipper' and just had to move why be penalized?

Yes, some people might suffer unfairly.  It happens with real estate.  That said, as MG stated earlier, COVID has to be paid for somehow.  Tax increases seem a reasonable response to try and restore some balance to the economy.  As an Albertan, (for the moment) I would certainly support the introduction of a sales tax.

[scribblet]

1 minute ago, bcsapper said:

Yes, some people might suffer unfairly.  It happens with real estate.  That said, as MG stated earlier, COVID has to be paid for somehow.  Tax increases seem a reasonable response to try and restore some balance to the economy.  As an Albertan, (for the moment) I would certainly support the introduction of a sales tax.

I can understanding them (Feds)  raising the GST by 1%, they probably will; they've allready raised the carbon tax this year which go up again next year.   I will never, ever support a tax of any kind on the sale of the family home.

[JulieSimpsong]

I also think so about COVID money.

[emeraldcity]

What is a home equity tax anyway?

[emeraldcity]

What is a home equity tax anyway? I hoped for some tax deduction when buying several acres of land for my farm. To my surprise, I was told it was no longer possible because TCJA had become law. Excerpt from how big is an acre of land? I don't know anything more about real estate. It was obviously very frustrating to find out that I would have to pay so much extra in taxes when buying the land for my farm. I mean, why is it so complicated to do something nowadays?

Edited July 18, 2022 by emeraldcity