” This is extraordinarily bad policy that will hurt Canadian families”
CONSERVATIVE Party Leader Andrew Scheer in a letter dated August 26 to his supporters claimed that Toronto Liberal MP Adam Vaughan, who was the government’s specially appointed advisor on housing and urban affairs, “wants to introduce a capital gains tax on the sale of primary residences.”
Scheer said it was “an alarming proposal that has leaked out from inside Justin Trudeau’s government, one that would hurt homeowners and make life less affordable for families across Canada.”
Under this new policy, there would be a new sliding scale tax rate applied to capital gains on home sales: a 50% tax after one year of ownership, 25% after two years, 15% after three years, 10% after four years and 5% after five years.”
Scheer said: “This is extraordinarily bad policy that will hurt Canadian families. It won’t control housing prices. It will just make the dream of home ownership more difficult for those who can already least afford it.”
He added: “This new tax will affect people who move for a new job, people who buy a home because they need a place to live right away, but are hoping to find a larger permanent residence, people who have a sudden change in family status because of marriage, divorce or children. There are many reasons for someone to buy a house and sell it in less than five years, and they shouldn’t be punished for it.”
Scheer said Trudeau has already raised taxes on 81% of Canadian middle-class families by an average of $840, and warned Canadians that this latest tax hike could be much more costly.