July 24th, 2020: “Why Capital Gains Tax On Principal Residences Is Still A Bad Idea” This was written by Murtaza Haider & Stephen Moranis, who are a calming voice of reason on real estate in 2020: If you want a more respected opinion, then fine. But I don’t know who would deny the content therein. That’s just one of the responses, and yes, it’s from the Toronto Sun, which many people discount. July 21st, 2020: “Liberals Deny Tax On Home Sales – Honest!” The federal government denied the tax, or the research on the tax, but it didn’t stop people like me, and media people who think like me, from believing otherwise. These funds were given through an institution called “ Generation Squeeze.” I don’t know if any of you are regular subscribers to Blacklock’s Reporter, which is an online political newspaper, but last month, this site reported that the CMHC had provided a $250,000 grant to the UBC’s “School of Population & Public Health” (I can’t believe that’s a thing?) to research Canada’s first home “equity” tax. Because this time around, the government is, in my opinion, going to take from everybody! Yeah, I know, I sure love to bitch about government, right? And taxes!īut this time around, the conversation affects each and every person reading this blog.
In fact, it usually works the other way around. Give with one hand, and take from the other, with no guarantee that those who are given, are taken from. How do you pay for money given to taxpayers? But after the pandemic began, and after Justin Trudeau began to give daily press-conferences from his cottage, handing out billions and billions of dollars in “relief” to every person and every cause, it became quite apparent that the government would have to find a way to pay for all of this.
This story was somewhat quiet for the remainder of 2019 and into 2020. However, with what I know about government, that doesn’t mean that a 49% tax wouldn’t be considered…įor those who don’t remember, this was the un-proposed but leaked-proposal tax scheme:Īs I wrote back in 2019, I fail to see how somebody owning a property for five years is “speculating,” and perhaps this wasn’t so much of a “speculation tax” but rather simply a revenue-generating tax that was arbitrary and vague enough to pass the smell test. Justin Trudeau said in a Tweet, “To be clear: We will NOT put a 50% tax on the sale of your home,” and called Andrew Sheer a liar in the process. The government pushed back on the idea that this tax was even being considered, but we all know that it was. Yep, you guessed it: the capital gains tax on a primary residence. My rant began with my disdain for people who are willfully uninformed, then segued into my mistrust of government, and finally landed on a potential new tax being floated. Then again, I suppose choosing a feature photo of the Titanic sinking into the abyss didn’t help the snark-level I demonstrated that day. That was March of 2019, yet it feels like yesterday.ĩ5 comments from readers ensued, and they were mixed, to say the least. The Friday Rant: When Will People Say “Enough?”
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