The Opposition has called on Prime Minister Justin Trudeau to release the complete recordings of his remarks made during a private meeting with a home equity tax lobby, says Blacklock's Reporter.Trudeau has not yet commented on his appearance at the exclusive event, where a lobbyist criticized homeowners for "reaping substantial gains in wealth."“The Prime Minister’s Office is refusing to give permission to release the full recording of the event,” Conservative MPs said in a statement. “If Trudeau goes through with this tax, the dream of homeownership will slip even further away from Canadians,” they added.On June 25, Trudeau attended an hour-long meeting in Vancouver hosted by Generation Squeeze, a University of British Columbia tax lobby that has long advocated for taxing some $3 trillion in Canadians’ home equity. The meeting was “omitted from Justin Trudeau’s official itinerary,” noted Conservatives, and no media were permitted. The audience was restricted to “supporters and allies,” said Generation Squeeze.“Canadians work hard to save and invest in their homes and their future and they expect their government to work equally as hard to find solutions they face,” said the Conservative MPs. They argued that the cabinet “created the housing crisis by failing to build enough homes and now want to place an unfair tax on Canadians.”Canada has never imposed an equity tax on the sale of principal residences. Parliament abolished inheritance taxes in 1972, which had been in place since the 1941 Dominion Succession Duty Act.In 2020, the Commons voted 292 to 27 against a New Democrat motion to impose a 1% annual equity tax on assets over $20 million, with the cabinet opposing the measure. Liberal MP Kevin Lamoureux (Winnipeg North), parliamentary secretary to the Government House Leader, remarked, “It is easy and wonderful to say to people we are going to tax the wealthiest and we are going to do this, do that, and take all that money and give it to the poor. At the end of the day, we need to spend time focusing on Canada’s middle class.”Professor Paul Kershaw, founder of Generation Squeeze, testified before the Commons finance committee in 2021, stating that homeowners have benefited from undeserved windfalls due to rising home values. “Canadians who tend to be older and reside more in urban areas have reaped substantial gains in wealth as a result of rising home prices, all while sleeping, watching TV,” he said.Conservative MP Ed Fast (Abbotsford, B.C.) questioned Kershaw, “When you talk about a tax shift, what exactly are you talking about?” Kershaw responded, “We should be taxing wealth.”“Would a person report to the Canada Revenue Agency their status as a homeowner and the home’s assessed value each year?” asked Conservative MP Pat Kelly (Calgary Rocky Ridge). Kershaw replied, “There are a range of ways to consider it.”“How much real estate equity tax would the federal government have to raise?” inquired MP Kelly. Kershaw responded, “I don’t think we have ever supplied that kind of precise answer.”
The Opposition has called on Prime Minister Justin Trudeau to release the complete recordings of his remarks made during a private meeting with a home equity tax lobby, says Blacklock's Reporter.Trudeau has not yet commented on his appearance at the exclusive event, where a lobbyist criticized homeowners for "reaping substantial gains in wealth."“The Prime Minister’s Office is refusing to give permission to release the full recording of the event,” Conservative MPs said in a statement. “If Trudeau goes through with this tax, the dream of homeownership will slip even further away from Canadians,” they added.On June 25, Trudeau attended an hour-long meeting in Vancouver hosted by Generation Squeeze, a University of British Columbia tax lobby that has long advocated for taxing some $3 trillion in Canadians’ home equity. The meeting was “omitted from Justin Trudeau’s official itinerary,” noted Conservatives, and no media were permitted. The audience was restricted to “supporters and allies,” said Generation Squeeze.“Canadians work hard to save and invest in their homes and their future and they expect their government to work equally as hard to find solutions they face,” said the Conservative MPs. They argued that the cabinet “created the housing crisis by failing to build enough homes and now want to place an unfair tax on Canadians.”Canada has never imposed an equity tax on the sale of principal residences. Parliament abolished inheritance taxes in 1972, which had been in place since the 1941 Dominion Succession Duty Act.In 2020, the Commons voted 292 to 27 against a New Democrat motion to impose a 1% annual equity tax on assets over $20 million, with the cabinet opposing the measure. Liberal MP Kevin Lamoureux (Winnipeg North), parliamentary secretary to the Government House Leader, remarked, “It is easy and wonderful to say to people we are going to tax the wealthiest and we are going to do this, do that, and take all that money and give it to the poor. At the end of the day, we need to spend time focusing on Canada’s middle class.”Professor Paul Kershaw, founder of Generation Squeeze, testified before the Commons finance committee in 2021, stating that homeowners have benefited from undeserved windfalls due to rising home values. “Canadians who tend to be older and reside more in urban areas have reaped substantial gains in wealth as a result of rising home prices, all while sleeping, watching TV,” he said.Conservative MP Ed Fast (Abbotsford, B.C.) questioned Kershaw, “When you talk about a tax shift, what exactly are you talking about?” Kershaw responded, “We should be taxing wealth.”“Would a person report to the Canada Revenue Agency their status as a homeowner and the home’s assessed value each year?” asked Conservative MP Pat Kelly (Calgary Rocky Ridge). Kershaw replied, “There are a range of ways to consider it.”“How much real estate equity tax would the federal government have to raise?” inquired MP Kelly. Kershaw responded, “I don’t think we have ever supplied that kind of precise answer.”
