Trudeau's Attack on Homeowners, Protection of His Wealthy Buddies

[WestCanMan]

https://globalnews.ca/news/8492260/annual-surtax-homes-housing-inequality-report/

Homes over $1M will be taxed now "to help stall price increases" because the gov't says that they want to make home ownership easier for new/young Canadians.

This is just a bullshit tax which will be a drain on the middle class, but will only cost Trudeau's wealthy buddies a pittance. Almost every single home in BC from West Vancouver to Abbotsford will be affected by this tax, but investors, who tie up affordable housing which young families could be purchasing, won't pay a single cent. 

If the gov't really wants to make home ownership a possibility then they need to put a premium on second, third, fourth, fifth dwelling units, etc.

The way that this tax is set up, I can have two $900K condos, side by side, and 600 condos all across the country worth $500K each, and the new tax won't cost me a single penny, ever. I'd have over $300M in real estate, I'd be earning rent from 600 working families, and I could use my income from those 600 homes to buy several new condos every month, which just puts upward pressure on the cost of those homes. 

Trudeau's idiot fanbase will be sucked in by this. All of his welfare toadies will lap it up, thinking that it's a legitimate tax to help them out, in reality it doesn't do a thing for entry-level buyers. 

[Nefarious Banana]

Jagmeet agrees with this ?

[WestCanMan]

10 minutes ago, Nefarious Banana said:

Jagmeet agrees with this ?

Jagmuppet agrees to everything.

[eyeball]

First of all this is just a report with recommendations not an official plan to attack homeowners.

Quote

The report was funded with support from the National Housing Strategy’s Solutions Labs Program administered by Canada Mortgage and Housing, but the corporation says in a statement it is not responsible for any views or proposals expressed within it.

Secondly, the report says nothing at all about a tax on the middle class.

Quote

it would only apply to the top nine per cent of the most expensive homes in Canada, Kershaw said.

Thirdly, the article containing the report contradicts your assertion this will not affect speculators who own multiple properties.  It says the exact opposite. 

Quote

“The federal government (CMHC) has clearly stated several times that we will not be introducing a tax on the equity of primary residences in Canada,” the department says in a statement. 

Unless ordinary middle class homeowners took a more careful look your OP and especially your thread title they might decide to reject a set of recommendations most of them should be able to get behind. 

Edited January 6, 2022 by eyeball

[Faramir]

6 hours ago, WestCanMan said:

https://globalnews.ca/news/8492260/annual-surtax-homes-housing-inequality-report/

Homes over $1M will be taxed now "to help stall price increases" because the gov't says that they want to make home ownership easier for new/young Canadians.

This is just a bullshit tax which will be a drain on the middle class, but will only cost Trudeau's wealthy buddies a pittance. Almost every single home in BC from West Vancouver to Abbotsford will be affected by this tax, but investors, who tie up affordable housing which young families could be purchasing, won't pay a single cent. 

If the gov't really wants to make home ownership a possibility then they need to put a premium on second, third, fourth, fifth dwelling units, etc.

The way that this tax is set up, I can have two $900K condos, side by side, and 600 condos all across the country worth $500K each, and the new tax won't cost me a single penny, ever. I'd have over $300M in real estate, I'd be earning rent from 600 working families, and I could use my income from those 600 homes to buy several new condos every month, which just puts upward pressure on the cost of those homes. 

Trudeau's idiot fanbase will be sucked in by this. All of his welfare toadies will lap it up, thinking that it's a legitimate tax to help them out, in reality it doesn't do a thing for entry-level buyers. 

Does he even have the constitutional ability to declare taxes against home?  Seems to me this falls under municipal and maybe Provincial jurisdiction.

[eyeball]

3 minutes ago, Faramir said:

Does he even have the constitutional ability to declare taxes against home?  Seems to me this falls under municipal and maybe Provincial jurisdiction.

Except this isn't an annual property tax, its a sales tax.

[Army Guy]

2 hours ago, eyeball said:

First of all this is just a report with recommendations not an official plan to attack homeowners.

Secondly, the report says nothing at all about a tax on the middle class.

Thirdly, the article containing the report contradicts your assertion this will not affect speculators who own multiple properties.  It says the exact opposite. 

Unless ordinary middle class homeowners took a more careful look your OP and especially your thread title they might decide to reject a set of recommendations most of them should be able to get behind. 

Perhaps for most folks THIS does not effect them right now, but if this continues we are going to see it effect more and more...I bought my home 4 years ago for 3 something in NB Canada, butt F*** no where today it is worth double that easily and with bidding wars ongoing you could get way more than that....People from the Ontario make up more than 60 % of NB new population they've already sold million dollar homes, so price is no object...Put these laws in place now and a few years from now there is going to be a large chunk of Canadians in that same boat... I may not be good at math but 9 % of our population is a little under estimated, considering property values in most large cities are valued at more than 1 million already. and those values don't drop that much the further you go out.  look at TO for instance travel an hour either direction and take a look at home there tell me they are not close to a million. 

[Michael Hardner]

So that whole post is how you say "Oops, I was wrong.  Thanks for the correction!" In New Brunswickian?

[QuebecOverCanada]

2 hours ago, eyeball said:

Except this isn't an annual property tax, its a sales tax.

Annual surtax, no?

[Army Guy]

15 minutes ago, Michael Hardner said:

So that whole post is how you say "Oops, I was wrong.  Thanks for the correction!" In New Brunswickian?

Maybe i was speaking Chinese there for a minute, let me check,  NOPE it was English, I agree with WESTCAN 100%, No where did i say i was wrong in any language. you having a stroke Michael . or did i some how piss in your corn flakes. 

[QuebecOverCanada]

I have a question though, how would it help his wealthy buddies if this is going to increase their taxes?

[eyeball]

1 hour ago, Army Guy said:

I bought my home 4 years ago

The home you live in right?

This tax is on the other 12 homes you bought on spec and are making a fortune with when gouging unwed mothers and on Airbnb.
 

Quote

 

“The federal government (CMHC) has clearly stated several times that we will not be introducing a tax on the equity of primary residences in Canada,” the department says in a statement.

 

You know I don't trust Trudeau and he may be a little stupid but even he probably realizes he'd be subject to this tax as well if he went after primary residences.  I suspect his caucus would put a contract on his head too.

Edited January 7, 2022 by eyeball

[Army Guy]

I guess i was wrong, my bad, And Michael i was having the stroke sorry.

 

[WestCanMan]

4 hours ago, QuebecOverCanada said:

Annual surtax, no?

Not sure. I've heard them they say things like "seniors and people with low incomes can defer the tax until they sell", which leads me to believe that it might be annual, but I also heard them say that it was just a tax that is paid when a property is sold. 

[WestCanMan]

4 hours ago, eyeball said:

You know I don't trust Trudeau and he may be a little stupid but even he probably realizes he'd be subject to this tax as well if he went after primary residences.  I suspect his caucus would put a contract on his head too.

The tax isn't such a big deal that it will affect Trudeau and his rich cronies, but as far as the tax base is concerned, it's just another straw on the camel's back.

If it was really going to solve something that would be one thing, but I don't think that putting a tax on places over a million really changes much for young people who are trying to buy. If anything it will steer wealthy people who are buying towards revenue properties that are under a million, which will help drive up prices in the starter home range. 

[ironstone]

On 1/6/2022 at 12:17 PM, Nefarious Banana said:

Jagmeet agrees with this ?

Jagmeet is a socialist so he will favor tax increases 99.9999% of the time.

It's also a 100% certainty that if or when this new tax becomes a reality the threshold is going to keep being lowered to ensnare more homeowners.

[ironstone]

Canadian Taxpayer Federation's Home Equity Tax Calculator

[Nefarious Banana]

2 hours ago, ironstone said:

Jagmeet is a socialist so he will favor tax increases 99.9999% of the time.

It's also a 100% certainty that if or when this new tax becomes a reality the threshold is going to keep being lowered to ensnare more homeowners.

I was being facetious . . . . Justin & Jagmeet, the Edgar Bergen & Charlie McCarthy of Canadian politics.  We should be proud.  The only question is who is sitting on whose knee?

[ironstone]

I have the impression Jagmeet is pushing Trudeau even farther to the left but he certainly doesn't have to push hard. There isn't much to distinguish between the Libs and NDP now.

[WestCanMan]

22 hours ago, ironstone said:

I have the impression Jagmeet is pushing Trudeau even farther to the left but he certainly doesn't have to push hard. There isn't much to distinguish between the Libs and NDP now.

One of the liars who leads their party is darker than the other. It's an obvious choice for the bigots on the left. 

[eyeball]

9 minutes ago, WestCanMan said:

One of the liars who leads their party is darker than the other. It's an obvious choice for the bigots on the left. 

There you go, now your thread's on the track you originally intended.

Why not simply use thread titles like...Effing Lefties part 1...2...3 etc etc?

[WestCanMan]

3 minutes ago, eyeball said:

There you go, now your thread's on the track you originally intended.

Why not simply use thread titles like...Effing Lefties part 1...2...3 etc etc?

The thread is still on track.

Trudeau's stupidity and cronyism is still on full display, but in order to sway leftists to understand these things it's necessary to throw in some unsubstantiated* accusations and character assassinations. Leftists know, from all of their years of watching CNN and CBC, that those types of things are never to be questioned - they are to believed in their entirety.  

It's already working on you subconsciously, that's why your post ended with "Effing Lefties part 1...2...3". 

 

* unsubstantiated within the context of this thread, but fully explained in other threads. No matter how hard I try I can't quite find it in me to lie like a leftist. 

[eyeball]

2 minutes ago, WestCanMan said:

Trudeau's stupidity and cronyism is still on full display, but in order to sway leftists to understand these things it's necessary to throw in some unsubstantiated* accusations and character assassinations.

Actually all you accomplish when you do this is to underscore how desperate you are to find some traction and need to make stuff up.  It leads me to believe you'd be throwing out unsubstantiated compliments and unwarranted bouquets in the other direction when your boy/girl is in power.

If you've seen one desperate partisan you've seen them all.    

[eyeball]

18 minutes ago, WestCanMan said:

* unsubstantiated within the context of this thread, but fully explained in other threads. No matter how hard I try I can't quite find it in me to lie like a leftist. 

In my case you claim you have thousands of examples of me lying in other threads yet you still haven't substantiated that with even 1.

[WestCanMan]

On 1/6/2022 at 3:29 PM, eyeball said:

First of all this is just a report with recommendations not an official plan to attack homeowners.

It's not official yet, but every new taxation plan that the Liberals talk about gets rammed down our throats. It's the one thing that they're honest about

Quote

Secondly, the report says nothing at all about a tax on the middle class.T

That's right, but who do you think owns the vast majority of the homes in Metro Vancouver and the GTA that will be affected by this?

Those aren't 'luxury' homes. Just average, ordinary run-down 1974 homes are over $1M from W Van to the east side of Abbotsford. 

Quote

hirdly, the article containing the report contradicts your assertion this will not affect speculators who own multiple properties.  It says the exact opposite. 

Unless ordinary middle class homeowners took a more careful look your OP and especially your thread title they might decide to reject a set of recommendations most of them should be able to get behind. 

None of what's below was shown on the TV broadcast:

Quote

The federal Department of Housing in partnership with CMHC says in a statement that it is working with provinces, territories and local governments on a Fairness in Real Estate Action Plan but it won’t include an equity tax.

“The federal government has clearly stated several times that we will not be introducing a tax on the equity of primary residences in Canada,” the department says in a statement.

That part's not on the video in the link, and it's also completely contradicted by this part:

Quote

The report proposes a progressive surtax starting at 0.2 per cent and peaking at one per cent on homes valued over $1 million. It would be applied annually and would be due when the property sells.

Unlike a capital-gains tax on all home sales, it would only apply to the top nine per cent of the most expensive homes in Canada, Kershaw said.

The report comes in the same week the BC Assessment authority released annual data showing home values rose across the province, some as much as 50 per cent.

The idea is for homeowners to recognize the system benefits them at the expense of younger Canadians, future generations and newcomers of any age, he said.

"Homeowners".

Do you see the underlined?

FYI that means that they're talking about people's primary residences. Otherwise it would say "investors". Learn the language. 

The gov't may have released a statement denying that they want to put an extra tax on primary residences, but they said that they weren't going to have vaccine mandates and vaccine passports too, and that was less than a year ago and we're already well into that stage.

Eyeball: "But I believe everything that Trudeau says!"