'IT'S WHAT WE HAVE TO DO': Liberal candidate says housing tax is coming
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The Trudeau Liberals have some explaining to do on a hot-button issue after one of their candidates said the party will be taxing people who sell their homes.
The Conservatives have been claiming the Liberals will, if re-elected, bring in a tax on the sale of primary residences — something not currently done in Canada.
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The Liberals though say the Conservatives are being selective in their use of video clips and have issued another showing the candidate saying that policy would not be brought in.
If it’s leaving you confused, consider the poor Liberal candidate, Jason Hickey, who made both contradictory statements moments apart.
Hickey was asked about the issue of the government applying a capital gains tax on the sale of primary residences and he seemed to indicate it was something that would be done.
“But of course, anyone selling their primary residence, if you do make money on that, unfortunately you will have to pay tax on that. I wouldn’t agree to that either, but it’s what we have to do,” Hickey said during the online chat with residents of his New Brunswick Southwest riding.
Moments later, he was asked again about the issue of taxing home sales and this time Hickey said no.
“I don’t believe we plan on bringing that forth — I don’t think we do that,” Hickey said.
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The Liberals have accused the Conservatives of lying about their policy, the Conservatives say it’s proof the Liberals can’t be trusted on this issue.
“Justin Trudeau has claimed that despite a promise in his own platform, Liberals have no plan to tax the sale of your home. However, now we know the truth — Justin Trudeau will tax the sale of your home when you decide to sell,” Conservative MP and candidate Pierre Poilievre said.
The issue has dogged the Liberals after an internal party document released in 2019 recommended a tax on the profit of a home sale of as much as 50%. The party didn’t adopt that proposal but since that time, the Trudeau government has funded research calling for such a tax.
Researchers funded by the Canada Mortgage and Housing Corporation, a federal entity, have called for a rebalancing of Canada’s tax system to deal with housing issues. Writing to CMHC President Evan Siddall, academic Paul Kershaw said Canada needed a “tax shift.”
“Policy adaptations that will receive attention include opportunities to shift from some current or future taxation of earnings toward more taxation of housing wealth,” Kershaw wrote. “By sheltering much housing wealth from taxation, especially in principal residences, Canada’s current tax system amplifies the demand for housing as an investment.”
Those statements were in a proposal to Siddall for funding to study ways to address the housing crisis in Canada.
Earlier this week, Liberal Leader Justin Trudeau rejected the idea of taxing the sale of primary residences.
“We will not do that. That is something that we are not interested in doing,” Trudeau said Tuesday.
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