Clinton Howell
RE/MAX Escarpment
Languages
- English
Specialties
Buyers, Downsizing, First Time Buyers, Luxury Homes, Sellers
Locations
Ancaster, Burlington, Dundas, Flamborough, Hamilton, Hamilton Mountain, Waterdown, South Burlington, East Hamilton, North Burlington
Government Says It's Not Considering a Capital Gains Tax on Principal Homes
TRREB's opposition to a recent editorial published in the Globe and Mail: Canada's Wild Housing Market Is Making a Case for the Country's Most Unpopular TaxThis is great news in my opinion. There are not many tax free savings vehicles in Canada, especially not with the power o...
May 26, 2022
TRREB's opposition to a recent editorial published in the Globe and Mail: Canada's Wild Housing Market Is Making a Case for the Country's Most Unpopular Tax
This is great news in my opinion. There are not many tax free savings vehicles in Canada, especially not with the power of a principal residence real estate investment. For most Canadians, the principal residence is there only hope for a retirement nest egg one day. There have been talks by the federal political parties of considering a capital gains tax on the principal residence and there have been numerous petitions launched by the Canadian Taxpayers Federations. TRREB has been in opposition of any new capital gains tax for principal residences.
A short update on TRREB's opposition to a recent editorial published in the Globe and Mail: Canada's Wild Housing Market Is Making a Case for the Country's Most Unpopular Tax. A senior economist with one of Canada's largest banks and others are urging policymakers to include a capital gains tax on a principal residence as a policy option when reviewing the housing market. TRREB, along with CREA and other associations in our industry, has come out against such a proposal.
Since TRREB posted our position to Members, Toronto MP Adam Vaughan, Parliamentary Secretary for Housing to the Minister of Families, Children and Social Development, has reached out to us to reaffirm that the federal government has no plans to consider introducing a home equity tax. You can watch the 30-second video response from the Hon. Ahmed Hussen, the Minister responsible for the Housing portfolio, on this very question. Just Google it!
TRREB has voiced their opinion on this issue with the media. Here are some highlights of the news coverage:
- Toronto Storeys
- REM – TRREB/CREA Op-Ed
- Toronto Sun – TRREB Letter to the Editor
- Globe and Mail – TRREB/CREA Letter to the Editor
- Canadian Real Estate Magazine
- Financial Post
- CP24 Interview – TRREB President
Let's hope all federal political parties pledge during the next election to NOT consider the implementation of a principal home equity tax!
TRREB will continue to keep you informed on any further developments on this issue.
Content of this article was adapted from a letter written by:
Lisa Patel
TRREB President