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Paul Taylor
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Paul Taylor
2020-08-17 15:26
I think a tax on equity would alter an awful lot of things, actually, and would probably be really detrimental in a number of different ways, but to be fair, I think that the study that's being conducted by CMHC is actually really more through an academic grant that's been provided to a think tank in B.C. I don't know if it's specifically a policy that is being investigated directly by CMHC. That said, I think it would not be a very good policy to be implementing in Canada at this point.
An awful lot of folks within, I would say, the aspiring middle class—as well as the established middle class, frankly—have been considering that their home is their largest asset. Having that tax haven on a primary residence for an awfully long time has made it, I think, for most, the nest egg or the centre point of their retirement funding. In doing what would likely feel like changing the rules on their investment strategy mid-term, you likely would end up eroding the value of the retirement portfolios of a significant number of Canadians today, which would have additional knock-on effects to the grander economy through very traditional wealth effect issues that any economist would tell you about. It would certainly not be a good day for the grander economy in terms of a continuation of fund and fluidity, I would say.
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