profits from the sale of your home began back in 2016 when he started The Liberals denied it, but now we have proof they are indeed considering it. Pseudonyms will no longer be permitted. FACT: Trudeau A home equity tax would be unfair and hurtful to Canadians during the best of times, but at this very moment — during a global pandemic — it is reckless. ", -- The Conservatives repeat a claim they have been making for weeks, via a new attack website, hiddenhometax.ca. 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. 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. The claim: Justin Trudeau has a "secret plan to implement a tax on up to 50% of the profits on the sale of your home." If Justin Trudeau is re-elected, life will They are working with the Canadian Mortgage and Housing Corporation. 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. FACT: Trudeau’s It details a "sliding scale" of capital gains tax on home sales — 50 per cent after one year of ownership, 25 per cent after two years, 15 per cent after 3 years, 10 per cent after 4 years, and 5 per cent after five. Comments are welcome while open. The verdict: False. Conservatives warned Canadians about the cost of a secret Liberal home tax during last fall’s campaign. Justin Trudeau and his Liberal government is looking to tax the equity you have in your home. Only Andrew Scheer and Canada’s Conservatives Please note that CBC does not endorse the opinions expressed in comments. In the midst of these difficult and uncertain economic times, the Liberals are quietly working to significantly raise your taxes. need to know how much money you make on the sale of your home if they didn’t Andrew Scheer has been making claims about a 'secret' Liberal plan to tax home sales for weeks. We all remember when the Justin Trudeau called small business owners “tax cheats” who use their businesses as “tax shelters”. 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. 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. Justin Trudeau’s plan to take up to half of the But there’s precious little evidence for the Conservative Party’s recent claim that the Liberals have a secret plan to tax your home for its capital gains. 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. 4 years, 5% after five.”. He is not And that all of the ideas were positioned simply as "areas to explore," rather than written-in-stone recommendations. said he’d lower taxes on the middle class. So, what evidence is there of such a plan? To back up their claim, the Conservatives have been sharing an internal Liberal party policy proposal on housing, prepared in the fall of 2018. It's not something the party will endorse. Nor is there any mention of changes to capital gains in the Liberals' costing. Period.". In this case, the research project’s organizers write that homeowners are “lottery winners”, and that their homes are “tax shelters”. 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. The Liberals denied it, but now we have proof they are indeed considering it. meeting, Justin Trudeau’s housing expert Adam Vaughan proposed a secret plan to vote, but still needs your money. Most people do not have pensions, they depend on that equity in their home to sustai policy proposal from the Liberal caucus It's not something the party has endorsed. Authorized by the Chief Agent of the Conservative Party of Canada. "We've never considered it. How to Use Tax-free Home Equity to Accumulate Retirement Wealth . Comments on this story are moderated according to our Submission Guidelines.
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