Canadians know that whenever the CRA gets policy proposal from the Liberal caucus The background: late last year, the federal Liberals conducted a variety of town-hall meetings to identify issues important in … Comments are welcome while open. So, what evidence is there of such a plan? vote, but still needs your money. In 2018, at their policy convention, Liberals proposed a 50% capital gains tax on the sale of residential homes. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. If Justin Trudeau is re-elected, life will To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). have a plan to put more money in your pockets to help you get ahead. In contrast, the United States partially taxes such gains, offering an exclusion of $250,000 for individuals and $500,000 for married couples who file a joint return, then taxing the remainder at a rate of 20 per cent. deficits and out-of-control spending. Andrew Scheer has been making claims about a 'secret' Liberal plan to tax home sales for weeks. After all of this, if all goes well your home will have gained equity. Now, despite the ongoing economic uncertainty, it looks like they are planning to aggressively go after one of the few remaining sources of financial security Canadians have left. They spent the cupboards bare before COVID-19 hit. The question is: Why else would the Liberals involved it can only mean one thing: More money out of their pockets. The Conservatives' misleading claims about a 'secret' Liberal housing tax, Insults, accusations fly ahead of the federal leaders' debate, Scheer keeping platform and costs secret, Trudeau says, CBC is not responsible for 3rd party content, CBC's Journalistic Standards and Practices. After complaints from the Liberals, and enquiries from the media, the Conservatives replaced the altered image with a picture that shows the actual attribution. Pseudonyms will no longer be permitted. said he’d balance the budget in 2019. This official policy proposal from the Liberal caucus promotes “increasing the capital gains” tax on your home and details a “50% tax after one year of ownership, 25% after two years, 15% after 3 years, 10% after 4 years, 5% after five.” Instead, he’s raised them on 80% of 1720-130 Albert St. Ottawa, Ontario K1P 5G4. FACT: Trudeau’s But if so, firmly and repeatedly denying it seems like a stupid-verging-on-suicidal political strategy. This new tax would negatively affect people who move for a new job, people who buy a home because they need a place to live right away but are hoping to find a larger permanent residence, people who have a sudden change in family status because of marriage, divorce or children. FACT: Trudeau need to know how much money you make on the sale of your home if they didn’t Again. While the Liberal government denies that this is what they’re doing, Justin Trudeau’s record speaks for itself. The Liberals denied it, but now we have proof they are indeed considering it. as advertised. But the platform details six changes under that heading, including an enhanced whistle-blower program, closing corporate tax loopholes, and a 10 per cent luxury tax on cars, boats and aircraft, again giving no hint of any planned changes to home sales. And the policy proposal they are citing was clearly aimed at speculators who flip properties after owning them for less than five years. We reserve the right to close comments at any time. You just can’t trust Justin Trudeau. It won't happen after we're re-elected. A copy obtained by CBC News's Katie Simpson provides more context. pic.twitter.com/EyXcgO9VFV, "To be perfectly clear. Sound familiar? It's not something the party has endorsed. Sources: Justin Trudeau's Secret Plan to Tax Your Home; Conservative Party of Canada; Sale of your principal residence, Government of Canada; Which Countries Have the Highest and Lowest Taxes on Residential Real Estate?, Mansion Global; Overall statutory tax rates on dividend income, Organization for Economic Co-operation and Development; Topic No. FACT: Trudeau Some Conservative partisans have suggested that the measure is buried in a line about "new tax expenditure and government spending review," which promises an additional $2 billion in revenue in fiscal year 2020-21, growing to $3 billion by 2023-24. The facts: In late August, Conservative leader Andrew Scheer sent party supporters a "Dear friend" missive on his official House of Commons letterhead, making the claim that the Liberals intend to introduce a capital gains tax on the sale of primary residences. How to Use Tax-free Home Equity to Accumulate Retirement Wealth . A home equity tax would cost the average Metro Vancouver homeowner more than $2,000 a year in extra taxes. A levy on sugar-sweetened beverages was ranked 18th, while a proposal to help create a network of environmentally sustainable trails through Toronto's ravines, came last at 19th. Media are reporting that the Canadian Mortgage and Housing Corporation (CMHC) – a Crown corporation under the purview of the Minister of Families, Children and Social Development – is spending $250,000 to study a federal home equity tax that would see residences taxed as capital gains. And that all of the ideas were positioned simply as "areas to explore," rather than written-in-stone recommendations. Still, the attack site only shares the first page of the Liberal policy proposal, which was made as the party began the process of drafting its election platform. Moreover, tax free equity in one’s personal residence is key to their financial security. Conservatives will keep fighting for Canadian taxpayers and holding the Trudeau government to account. Add some “good” to your morning and evening. The bait-and-switch would certainly shred the party's credibility heading into the next election, and possibly beyond. continue to get harder and more expensive with endless tax hikes to pay for his Brace yourselves Canada: Justin Trudeau is © Copyright 2020. implement a tax on up to 50% of the profits on the sale of your home. Overall, the Ontario caucus rated housing affordability as its second-most important issue, behind only national pharmacare. This official To back up their claim, the Conservatives have been sharing an internal Liberal party policy proposal on housing, prepared in the fall of 2018. Now the Liberal government of Canada is considering stealing your savings through an equity tax and the galling pricks have the nerve to call homeowners who have managed to gain equity “lotto winners”. Instead, he’s running massive deficits Justin Trudeau’s plan to take up to half of the For many people, this is their retirement money. It shows that the capital gains tax was being proposed as part of a broader suite of possible measures aimed at making housing more affordable, including tax-free down payment savings accounts, replacing national stress test and mortgage rules with regional ones, and no-interest loans for 'green' renovations. The Conservatives are continuing to advance their capital gains claim without evidence and in the face of firm denials. Please note that CBC does not endorse the opinions expressed in comments. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Scheer's letter — which is now being circulated at the riding level on Conservative Party letterhead as campaign literature — warns of "an alarming proposal that has leaked from inside Justin Trudeau's government," saying that its source was Toronto MP Adam Vaughan, the Liberals' special adviser on housing and urban affairs. For example, one particular person was a home builder, and every two years, he bought land and built the family a new home. A capital gains tax of any kind on primary residences would devastate the housing market, hurt the economy and ensure that many Canadians could not afford to retire. It's not in our platform," Adam Vaughan posted this week on his website. policy proposal from the Liberal caucus. mySteinbach™ - © 2020 Network Media - All Rights Reserved -. As it stands, Canada is one of a handful of Western nations, along with Denmark, France, Finland, the U.K. and Portugal, that exempts profits made on the sale of a principal residence from capital gains levies. Then there's the fact that the Liberals, from Trudeau on down, flatly deny that they have any intention of changing the tax rules on primary residences. said he’d lower taxes on the middle class. A petition in the House of Commons opposes the idea of taxing home equity. In the midst of these difficult and uncertain economic times, the Liberals are quietly working to significantly raise your taxes. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. When the Tories launched their attack website on Wednesday, they initially posted an edited version of the document, which appeared to suggest that it was Vaughan's own proposal, rather than a submission from the entire Ontario caucus.

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