It seems that Canada’s Prime Minister, Justin Trudeau, is interested in introducing a home equity tax applicable on the sale of their home. The federal government is spending money like a drunken sailor and is in desperate need of more cash.
People would be taxed on the difference between what they bought the home for and its eventual selling price.
Apparently, Trudeau is working hand in hand with a group called Generation Squeeze that is pushing for a home equity tax. This is the same Trudeau who during the last federal election campaign promised he would never introduce a home equity tax.
Not surprisingly, Generation Squeeze is receiving bucket loads of taxpayer subsidies.
The Canadian Taxpayers Federation provides the details:
Staff in Prime Minister Justin Trudeau’s office met with a group that received funding to produce a report recommending a home equity tax, according to new documents obtained by the Canadian Taxpayers Federation.
“During the election, Trudeau told voters he wasn’t going to impose a home equity tax, so why are his staff meeting about home equity taxes?” asked Franco Terrazzano, Federal Director of the CTF. “If Trudeau wants Canadians to believe he’s not coming after our homes, then his government should stop acting like it’s considering a home equity tax.”
When Canadians sell the home they own and live in – their primary residence – they do not pay tax on the proceeds.
A group called Generation Squeeze received funding from the Canada Mortgage and Housing Corporation to study housing policy. The resulting report includes recommendations for a home equity tax.
In 2019, the Federal government asked people on their income tax form if they sold their home that year, and if so, how much they bought it for and as well the year of purchase. READ: BONOKOSKI: Trudeau Liberals will surely tax your home’s capital gains