Taxing principal residences?

The Liberals never stop looking for new ways to tax Canadians, and now they want to tax your principal residence.

Despite calling us liars in the last election when we tried to warn that the Liberals were going to bring in a home equity tax, it has come to light that CMHC is spending $250,000 researching that very thing.

Yesterday Blacklocks reported that the research is being conducted at the University of British Columbia’s school of population. The same school that produced a report last year calling homeowners “lottery winners” and that their principal residences are “tax shelters.”

Few statements could be more out of touch. Principle residences for most families are an investment in their family's future that are paid for by hard work and sacrifice. 

The policies being suggested would punish families who are forced to sell their homes and move because of the Liberals’ policies that put so many in the oil and gas sector out of work.

It would punish Canadians who just lost their parents and were left behind their family home as their inheritance.

And it will punish seniors who worked their whole life to pay off their home in order to have something to sell and retire on.

Do you know who this won’t impact? Justin Trudeau and his inherited fortune. Or Bill Morneau, and people like him, who can’t remember how many villas they own.

The biggest lie about these types of schemes is that they “tax the rich”. The reality is that this plan will punish middle-class Canadians who are simply trying to provide for their families and maybe even leave a little something behind for their children.

Nobody is arguing that we shouldn’t be trying to make homeownership more affordable. But a serious plan to do that involves ideas like taxing foreign investment buyers, not taxing average Canadians whose life savings are wrapped up in a three-bedroom home in the suburbs.

As Blacklocks reported, the UBC study stated: “We need to make it so that no Canadian relies on gains in housing wealth to feel secure, and we need to rethink policies that by encouraging the financialization of housing, push the cost to buy or rent a home even further out of reach.

Demanding that Canadians not be able to rely on their housing investment is nothing short of the politics of envy. It says “My life hasn’t worked out this way, so neither should yours.”

In fact, I can’t think of a more socialist idea than being critical of the fact that some people own land.

We cannot let Justin Trudeau and the Liberal party push a disastrous socialist agenda through under the guise of COVID recovery.

I live just outside Toronto and I understand the pressure in the housing market. I know that we need to help make the dream of homeownership more affordable for Canadians and that we need to put forward a plan to do so in order to win back seats in the GTA. 

But if taxing middle-class families' life savings is how the Liberals think they are going to address that challenge, I look forward to sweeping every single seat in the 905.