Connect with us

News

Finance minister promises no federal tax on home equity

Report: Homeowners are “lottery winners” who should be taxed.

mm

Published

on

Read his lips: “The government is not considering a home equity tax in any way, shape or form.”

Those words were told to the Commons finance committee Thursday by Liberal MP Sean Fraser (Central Nova, N.S.), parliamentary secretary for finance, said Blacklock’s Reporter.

“Any suggestion to the contrary is entirely false.”

Committee members summoned testimony from Paul Kershaw, a University of British Columbia professor whose research team received a $250,000 CMHC grant specifically to study taxation of homeowners’ equity.

In earlier research papers, Kershaw’s group described homeowners as “lottery winners” whose equity should be taxed like capital gains earned playing the stock market.

“Some people won the lottery,” Kershaw said in a 2019 podcast with a CMHC executive.

“People who bought homes decades ago now, especially in our big cities, can be living in multi-million dollar properties.”

Kershaw told the finance committee his research was “provocative and potentially uncomfortable” for homeowners who benefit from rising house prices.

“It’s hurting my community and country,” he said.

“Evidence shows wealth inequality and pervasive unaffordability barriers make our economy less efficient while compromising our population’s health.”

In Monday’s federal budget, Cabinet proposed to introduce a 1% annual equity tax on offshore foreign owners of vacant residential properties.

“The idea here is that homes are for Canadians to live in,” said Finance Minister Chrystia Freeland.

The foreigners’ tax is worth $175 million a year, by official estimate, however, it does not apply to Canadian citizens.

“This is opening the door farther than I would like,” said Aaron Wudrick, federal director of the Canadian Taxpayers Federation, who called the measure a significant entry into taxation of homeowners’ equity.

“Governments have a habit of testing these concepts and expanding them later on.”

Mike D’Amour is the British Columbia Bureau Chief for the Western Standard.
mdamour@westernstandardonline.com

Mike D'Amour is the British Columbia Bureau Chief and Copy Editor for the Western Standard. He worked as an investigative crime reporter at the Calgary & Winnipeg Suns. mdamour@westernstandardonline.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Penticton joins list of cities cancelling Canada Day celebtations

The mayor reached out to Chief Greg Gabriel of the Penticton Indian Band, to ask how council could support the local First Nations community following the Kamloops discovery.

mm

Published

on

The city of Penticton has become the second municipality in BC to cancel Canada Day festivites.

Celebrating Canada Day has been called into question across the country after the discovery of the gravesites of 215 undocumented children at a Kamloops residential school.

“When we heard what happened in Kamloops and they found the 215 unmarked graves of those children, we thought it was appropriate to hold back and wait to see what the federal government was going to announce,” Mayor John Vassilaki told CBC.

The mayor reached out to Chief Greg Gabriel of the Penticton Indian Band, to ask how council could support the local First Nations community following the Kamloops discovery.

“The Chief also made a note that if we were to cool down the celebrations this year, it would be greatly appreciated by the Penticton Indian Band,” said Vassilaki. 

“And we wanted to show respect and reconciliation with what happened in Kamloops.”

St. Albert this weekend became the first city in Alberta to cancel celebrations.

“In respect of our community members who have experienced and continue to experience the effects of intergenerational trauma due to the residential school system, the City of St. Albert will not be hosting its annual Canada Day fireworks display this year,” it said in a tweet.

The city of Victoria was the first out of the block when they cancelled their Canada Day programing last week.

“As First Nations mourn and in light of the challenging moment we are in as a Canadian nation following the discovery of the remains of 215 children at a former Kamloops Residential School, Council has decided to take the time to explore new possibilities, instead of the previously planned virtual Canada Day broadcast,” said Victoria Mayor Lisa Helps in a media statement.

City council, who voted unanimously to change its plans for July 1, noted everyone will celebrate Canada Day in their own way.

“The City of Victoria aims to take leadership and provide an opportunity for thoughtful reflection and examination of what it means to be Canadian in light of recent events and what we already know from our past,” says the City of Victoria in a release.

Helps also made headlines in 2018 when she had a statue of Sir John A. Macdonald – one of the central figures involved in bringing residential schools into Canada – removed from the front of Victoria City Hall.

An estimated 150,000 First Nations, Inuit and Métis children attended residential schools between the 1860s and 1996, according to the Truth and Reconciliation Commission.

The Kamloops Industrial School (later known as the Kamloops Indian Residential School) was opened under Roman Catholic administration in 1890 before growing into the largest school in the Indian Affairs residential school system.

While several Catholic bishops across Canada have apologized and requested the release of documents in response to the discovery in Kamloops, the Vatican has yet to issue an apology or release documents.

As for the Canadian government, 15 tons of paper documents related to the residential school system between 1936 and 1944, including 200,000 Indian Affairs files, were destroyed by Liberal Prime Minister William Lyon Mackenzie King’s government, according to the Truth and Reconciliation Final Report.

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
Twitter.com/nobby7694

Continue Reading

News

St. Albert cancels Canada Day fireworks

Celebrating Canada Day has been called into question across the country after the discovery of the gravesites of 215 undocumented children at a Kamloops residential school.

mm

Published

on

The city of St. Albert has become the first municipality in Alberta to cancel some Canada Day celebrations.

“In respect of our community members who have experienced and continue to experience the effects of intergenerational trauma due to the residential school system, the City of St. Albert will not be hosting its annual Canada Day fireworks display this year,” it said in a tweet.

Celebrating Canada Day has been called into question across the country after the discovery of the gravesites of 215 undocumented children at a Kamloops residential school.

The city of Victoria was the first out of the block when they cancelled their Canada Day programing last week.

“As First Nations mourn and in light of the challenging moment we are in as a Canadian nation following the discovery of the remains of 215 children at a former Kamloops Residential School, Council has decided to take the time to explore new possibilities, instead of the previously planned virtual Canada Day broadcast,” said Victoria Mayor Lisa Helps in a media statement.

City council, who voted unanimously to change its plans for July 1, noted everyone will celebrate Canada Day in their own way.

“The City of Victoria aims to take leadership and provide an opportunity for thoughtful reflection and examination of what it means to be Canadian in light of recent events and what we already know from our past,” says the City of Victoria in a release.

Helps also made headlines in 2018 when she had a statue of Sir John A. Macdonald – one of the central figures involved in bringing residential schools into Canada – removed from the front of Victoria City Hall.

An estimated 150,000 First Nations, Inuit and Métis children attended residential schools between the 1860s and 1996, according to the Truth and Reconciliation Commission.

The Kamloops Industrial School (later known as the Kamloops Indian Residential School) was opened under Roman Catholic administration in 1890 before growing into the largest school in the Indian Affairs residential school system.

While several Catholic bishops across Canada have apologized and requested the release of documents in response to the discovery in Kamloops, the Vatican has yet to issue an apology or release documents.

As for the Canadian government, 15 tons of paper documents related to the residential school system between 1936 and 1944, including 200,000 Indian Affairs files, were destroyed by Liberal Prime Minister William Lyon Mackenzie King’s government, according to the Truth and Reconciliation Final Report.

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
Twitter.com/nobby7694

Continue Reading

News

BREAKING: Alberta to drop all COVID restrictions on Canada Day

Premier Jason Kenney announced Friday the province has reached the targets to launch Stage 3 which was a vaccination rate of 70.2% in the province.

mm

Published

on

It’s all systems go for Alberta to launch into Stage 3 of its COVID-19 recovery plan.

Premier Jason Kenney announced Friday the province has reached the targets to launch Stage 3, which included a vaccination rate of 70.2% in the province.

He said Alberta will drop all COVID-19 regulations on July 1 and “our lives will get back to normal.”

That means:

  • All restrictions lifted, including ban on indoor social gatherings
  • Isolation requirements for confirmed cases of COVID-19 and some protective measures in continuing care settings remain

“This is a great day for Alberta! Thanks to the diligence of Albertans and the decision of 2.7 million folks to get vaccinated, we are now just two weeks away from getting our lives back to normal,” said Kenney at a Friday press conference.

“This is an important milestone and a great achievement, but we will not stop here. We will keep administering first and second doses as quickly as possible so we’re not just open for summer, but open for good.”

Kenney said the general indoor provincial mask mandate will be lifted, but masking may still be required in limited and specific settings.

And the mayors of Calgary and Edmonton have said they may continue with their municipal mask bylaws.

“With more than 70% of eligible Albertans now vaccinated with a first dose and more receiving second doses every day, the end of this pandemic is near,” said Health Minister Tyler Shandro.

“Thank you to the Albertans who have rolled up their sleeves to get protected. For those who are still thinking about getting a shot, you have only one week to get your shot before we draw for $1 million and other great prizes.”

Anyone in Alberta aged 18 and over can still enter the first Open for Summer Lottery draw for a chance to win $1 million. Registration closes at 11:59 p.m. on June 24 and proof of vaccination will be required to claim the prize. The winner will be announced on July 1.

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
Twitter.com/nobby7694

Continue Reading

Recent Posts

Recent Comments

Share

Petition: No Media Bailouts

We the undersigned call on the Canadian government to immediately cease all payouts to media companies.

49 signatures

No Media Bailouts

The fourth estate is critical to a functioning democracy in holding the government to account. An objective media can't maintain editorial integrity when it accepts money from a government we expect it to be critical of.

We the undersigned call on the Canadian government to immediately cease all payouts to media companies.

**your signature**



The Western Standard will never accept government bailout money. By becoming a Western Standard member, you are supporting government bailout-free and proudly western media that is on your side. With your support, we can give Westerners a voice that doesn\'t need taxpayers money.

Share this with your friends:

Trending

Copyright © Western Standard New Media Corp.