Trudeau's potential home equity tax called 'rumour'

Speculation about a potential home equity tax has been labeled as mere “rumors” despite Prime Minister Justin Trudeau’s recent private meeting with equity tax lobbyists, according to Liberal MP Karina Gould (Burlington, Ont.). Blacklock's Reporter says Gould's office dismissed the meeting as routine and unimportant in a note sent to concerned homeowners.Media reports “seem to be the source of this rumor,” Gould’s staff responded in emails addressing protests from worried homeowners. They emphasized that there was “no basis for claims other than speculation about a meeting.”“It is commonplace for decision makers of all political affiliations to meet with various organizations and members of the public,” wrote Gould’s office. “While there are changes being made to the capital gains inclusion rate I can assure you that your home, tax-free savings, and pension remain exempt from capital gains taxation. Principal residences will not be impacted.”Trudeau attended the invitation-only meeting with tax lobbyists on June 25 in Vancouver. Organizers recorded the 60-minute session but released only 37 minutes’ worth of excerpts, withholding a 23-minute question-and-answer session with the Prime Minister.During the 2021 election campaign, Trudeau promised never to tax home equity, which amounts to approximately $3 trillion in Canada. “I am happy to declare very strongly and clearly we will not be doing that,” he stated at the time.“We want to protect people who have equity in their house for many years for their retirement,” Trudeau reiterated to reporters on September 8, 2021. “We’re not going to eliminate the capital gains exemption for primary residences.”The Prime Minister’s Office has yet to explain why Trudeau met privately with lobbyists advocating for a home equity tax. Opposition MPs have demanded the complete audio recording of the meeting.The Vancouver meeting brings to mind a 2021 campaign incident where an Atlantic Liberal candidate was recorded telling constituents that the cabinet “unfortunately” had no choice but to tax home equity. “For anyone selling their primary residence, you do make money on that so unfortunately you will have to pay tax on that,” said Jason Hickey, Liberal candidate in New Brunswick Southwest. “I wouldn’t agree to that either but it’s what we have to do.”Earlier, the CMHC paid $450,000 for a report by the tax lobby hosting the Prime Minister, which advocated for a $5.8 billion-a-year equity tax. Once the funding was disclosed, CMHC denied any interest in the scheme.“I was accused of lying, in fact, and a media cover-up on this,” Evan Siddall, then-CEO of the Crown corporation, testified at 2021 hearings of the Commons finance committee. “The question of tax policy is not for us. It is for Finance Canada.”The Canadian Real Estate Association, in a 2022 submission to the Senate national finance committee, predicted a “political funeral” for any Parliament that approved such a tax. “It would be political suicide for anyone to suggest this,” testified Michael Bourque, then-CEO. “Those who do suggest it would probably preside at your political funeral.”

Trudeau's potential home equity tax called 'rumour'

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