Will Trudeau tax your home? TAXPAYER PODCAST

Trying to make homes more affordable with a tax hike is like trying to boil water with your freezer. But the Trudeau government keeps flirting with home equity taxes.

Prime Minister Justin Trudeau recently attended “a private town hall about generational fairness,” hosted by a group advocating for home taxes. The feds also spent $450,000 funding and promoting a report that recommends a home equity tax.

We break down why you’re right to be concerned that a home equity tax could right around the corner.

All that and more in this week’s Canadian Taxpayers Podcast.

[carolpower]

Cut staff by two thirds. In government. Cut their pensions. Stay out of cad
Pockets....

[Incognito-fecw]

He's already ruined part of my life ! He is a licensed thief, nothing more !

[Wthcdoctor]

I worked hard and saved enough money to buy my own your home. But the following expenditures (paid for with my after-tax income) are NOT TAX DEDUCTIBLE
-Electricity
- Heating and Air Conditioning
- House Repairs and Maintenance
- Gardening, lawn care, snow removal
- Property Taxes
- Home Insurance
So I'd like Prime Minister Trudeau and his tax-and-spend cabinet ministers to explain to me WHY (if I decide to sell my principal residence) should I pay capital gains taxes on the arithmetic difference between:
- the (market value) selling price of my owner-occupied home, and
- the historical cost when I purchased it many years ago

This proposed tax on primary residences isn't about fairness. It is criminal theft- plain and simple!

[Duncangonefishin]

Only Trudeau will tax a tax on tax, and then tax it some more. Tax Tax Tax

Spend money like crazy and blame everyone else.

[rosieleb]

Pierre Poilievre for PM. Vote for Conservatives. Save Canada from the Justin/Jughead Gong show.

[bonniegarrett]

He has to be stopped and now, Canadians are sick and tired of him but he seems to be trying to bury canadians deep before he goes,

[lynnbelchior]

Tax upon tax upon tax! I'm 74 and have worked very hard to gain what I have and now Trudeau wants to penalize me for that. I'm in fear of losing my home which I'm not ready to give up

[Wthcdoctor]

My spouse and I worked hard, paying income taxes on our employment income. We used much of our after-tax income to save for a home, and also to invest in RRSPs, TFSAs and RESPs. We paid off the mortgage on our primary residence, and encouraged our kids to live with us until they completed their tertiary education and also saved enough RRSP, TFSA, and FHSA money to buy their own homes.

Recent retirees like me now realize that the purchasing power of our retirement savings has decreased thanks to the inflation caused by the Trudeau regime. And a tax on the equity (market value minus historical cost) of our PRIMARY RESIDENCES is clearly a CONFISCATION OF WEALTH. It punishes us for doing the right thing. And I will vote against any federal government that wants to reward other people with our wealth (which is nothing more than artificial and inflationary home equity).

[ML-uklu]

Corruption and more corruption!!! Deceivers, deceivers, deceivers!!! Go PP Go!! Injustice must end!!!

[oceanside]

#TrudeauMustGo
He is currently ruining my life!!

[ABNDT]

Of course, when has he ever passed up the opportunity to not steal our wealth.

[DavidBale-vnop]

Generational fairness, how about stopping the money laundering instead especially yours.

[MaryRostkowski-td]

I'm sick of taxes. People work all their life and to pay off mortgage, now he wants half my house when I sell it.

[Spawnofsam]

If this tax was to come to fruition there should also be a tax write off for the tens of thousands i invested in my home over the last 25 years.

[daveplumb]

Please keep doing what you’re doing. You guys are the best.❤👍🏻🇨🇦

[coralinejones]

The Libranos need to stay out of people's business!

[JohnnyD-jb]

This is completely unfair and I'll give a perfectly normal example of why that is.

Mr. Smith buys a home ($500K) and several years later he needs to move because of his job. His home has doubled in value ($1M) during this time. Now he wants to sell it and buy a similar home ($1M) close to his new job. He can no longer afford a similar home because the government will take a share of the difference in value ($500K) between when he bought it and when he decides to sell it.
He can lose around 50% of the value in capital gains taxes (app $250K) so now he can only afford a home of $750K.

How can this be "fair"?

[robertdewalt]

We never got to deduct interest payed on mortgage, Government should never be allowed to use capital gains tax when you sell your primary home.

[reclaimyoursecurities]

If the government can tax it, you do not own it. It's a lie that people own property in Canada. The King owns all of what his laws are applied to. PERIOD