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Results: 1 - 14 of 14
View Philip Lawrence Profile
CPC (ON)
I can agree with the chair. I would certainly like to see more Liberals retire.
Thanks very much.
My question, obviously, is for the minister.
The inability to collect revenue from tax evaders—which is somewhere in the neighbourhood of $10 billion to $25 billion a year—has real consequences. Our debt now, Minister, is over a trillion dollars, the government's debt-to-GDP ratio will exceed 50% and the government has shown little, if any, ability to control spending. Despite raising taxes on many hard-working Canadians and business owners, it has shown also a very poor record of increasing revenue. In fact, it has zero record of it. No doubt that's partially due, as I mentioned, to billionaire evaders and Liberal friends avoiding taxes.
Will the minister finally come clean today and announce when the Liberals will be putting a tax on one of the few tax shelters left to middle-class Canadians—that being their homes? Otherwise, why would they be tracking the sale of principal residency, if not to eventually tax it?
View Diane Lebouthillier Profile
Lib. (QC)
Mr. Chair, as I said, combatting tax fraud in Canada and abroad is a priority for our government. In fact, we see that budget 2021 includes numerous investments and also policy proposals that have been very well received and are based on the hard work done by CRA in this matter.
I do hope, Mr. Chair, that my colleague will vote in favour of our budget so we are able to move forward and serve Canadians well.
View Gabriel Ste-Marie Profile
BQ (QC)
Thank you.
If I'm not mistaken, the measure is for vacant housing.
Ms. Farha, did you want to respond to that? I saw that you raised your hand.
Leilani Farha
View Leilani Farha Profile
Leilani Farha
2021-05-04 17:20
I could see that Mr. Kershaw was nodding the same way I was.
I shouldn't speak for Mr. Kershaw, but I agree with what Mr. Tremblay said, which is that I thought this tax was an interesting little move. It was a little thing, just a tinkering. I think it's maybe a bit of a red herring.
I don't think it's going to generate much. Even the government itself said it wouldn't generate that much money over five years—$700 million or something. That's not a lot, and really, I've seen those moves. The government of New Zealand did that, for example. Singapore has a similar thing in place. It's not that effective for curbing the über-commodification or financialization of housing.
As I said in my comments, there are other threats, and they're domestic threats. It's the pension funds and the real estate investment trusts and the big asset management firms that are really putting pressure on renter households. I thought it was interesting, though, because it shows that the government is willing to look at some fiscal policy. It's a beginning of looking at fiscal policy and its implications for the housing prices.
Paul Kershaw
View Paul Kershaw Profile
Paul Kershaw
2021-05-04 17:21
To learn from B.C., one of the things that the B.C. government does, to contextualize our speculation of vacancy tax here, is to point out that it applies to well under 1% of homes in the province. It is a tool and it should be used, but let's be clear that it's not a particularly large signal to the housing market, as we have a much broader problem of home prices leaving earnings behind.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-04-22 16:37
Yes. You were a partner with Generation Squeeze, which is committed to reforming taxation as it relates to personal residences. Did that cause you any concern?
Charlie Ursell
View Charlie Ursell Profile
Charlie Ursell
2021-04-22 16:37
From my lens, Generation Squeeze was a client of ours. We were playing a content neutral role in facilitating. That's the role we played successfully for two sessions.
I can't really speak to Generation Squeeze's specific policies. I'm not an employee of theirs. I think that's a question for them.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-04-22 18:09
This is not about “gotcha”. This is about trying to get to the bottom of the study, which is, I think, very important to Canadians. Obviously CMHC saw it as being important.
You have been quoted in the National Observer as suggesting that you want Canada's tax systems shifted to take more account of property value and other wealth. Is that correct?
Paul Kershaw
View Paul Kershaw Profile
Paul Kershaw
2021-04-22 18:10
When you're talking about my own research work, yes, I do.
Paul Kershaw
View Paul Kershaw Profile
Paul Kershaw
2021-04-22 18:10
In this particular moment, you and I are talking about the possibility of reducing taxes on earnings and trying to find revenue elsewhere. The focus of the lab is much broader than that. That's why we're looking at things related to monetary policy, lending policy, a broad category of tax policies, including Brad's observation about whether we could exempt the first $100,000 or so of earnings for people as a way to try to support a younger demographic. It's a broad range of things.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-04-22 18:27
Dr. Kershaw, you are in favour of taxing housing wealth. Is that correct?
I think, in an answer to Mr. Julian's question, you said that there needs to be a move more towards taxing housing wealth.
Paul Kershaw
View Paul Kershaw Profile
Paul Kershaw
2021-04-22 18:27
Well, we already do that in this country. For sure we already tax property.
I would suggest that it would make more sense to us to shift to taxing high-value properties more so we cut taxes to earnings for low- and middle-income earners.
View Elizabeth May Profile
GP (BC)
I'm so excited. I have a quick one for Dr. Kershaw.
I'm very interested in the tax announced in the budget, the non-resident, non-Canadian vacant house tax.
I would like your take on that.
Paul Kershaw
View Paul Kershaw Profile
Paul Kershaw
2021-04-22 18:33
It's a valuable tool. It's one minor tool in the tool box. Will it be sufficient? No. Do we need to go considerably further to address some of the broader root causes? Absolutely yes.
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