e-3798 (Taxation)

Petition to the Government of Canada

• The government funded a study by the group ‘Generation Squeeze’ to look into housing policy in Canada;
• In the study, it makes the policy proposal of a surtax on the value of homes above $1 million;
• This proposed new tax will take more than $5 billion from homeowners annually, forcing them to pay tens of thousands of dollars when they sell;
• The government has looked into taxing Canadians on the sale of their principal residences before and this is just another example;
• This proposal, once adopted, will likely open the gate for similar taxes;
• Canadians have worked hard to purchase homes as not only a place to live, but an investment they hope to see grow in value over the years;
• In a time of great uncertainty and financial stress, the last thing they need is a new tax that will rob them of their ability to secure their future;
• Current homeowners shouldn’t be blamed and punished for the government’s failure to stabilize the housing market; and
• Instead of making political shows at the expense of taxpayers, the government should be tackling the root causes of rising home prices: housing supply shortage and high inflation rate.