The CEO of the Canada Mortgage and Housing Corporation (CMHC) complained of a “need for home prices to stall,” in a private meeting, according to Access To Information records obtained by the Canadian Taxpayers Federation..According to Blacklock's Reporter, Romy Bowers also welcomed tips from equity tax advocates on a strategy to “brief political leaders” on the tax scheme..“Intellectually she seems oriented toward the need for home prices to stall but she did point to a range of caveats,” said an October 8, 2021 email circulated among managers at the CMHC. “Intellectually she indicates that her own personal view is that real estate being 14% of GDP is not a strong path for Canada.”.The email was by Paul Kershaw, a University of British Columbia researcher who received $450,000 in CMHC funding to promote a home equity tax. UBC researchers in a January 5 report advocated a $5.8 billion annual tax on home equity..“She welcomed my support in helping to prepare her for the communications [and] media that will accompany its release,” Kershaw wrote of his meeting with the CEO. “She also indicated the need for her and CMHC to brief political leaders as well.”.Access To Information records indicated Kershaw also had two separate meetings with political aides in the Prime Minister’s Office. Discussions were “about the tax policy recommendations,” wrote Kershaw..Despite funding and promoting research in support of a home equity tax, both CMHC and the Liberal government have repeatedly denied favouring it. Bowers denied having anything to do with an equity tax in testimony at the House of Commons finance committee last January 21, three months after her private meeting..“Does CMHC recognize that, by taxing primarily seniors when they sell their houses, they’re actually taxing one of the main savings vehicles that senior citizens in this country have?” asked Conservative MP Greg McLean (Calgary Centre). “CMHC has done no work on the topic of the capital gains tax and the impact of taxation on housing,” replied Bowers..When asked why CMHC funded equity tax research, Bowers replied: “Their proposal was to study generational wealth inequality. It was not to study the capital gains tax issue specifically. Perhaps I was not clear on that. Their study was quite broad. They chose as part of the solution to focus on tax.”.Access To Information records indicated tax proponents also sought private meetings with Housing Minister Ahmed Hussen. In February 14 testimony at the House of Commons Standing Committee on Human Resources, Hussen said the government would never tax home equity..“The government is not charging or even thinking of or considering charging capital gains taxes on primary residences,” said Hussen. .“I think it’s fair for Canadians to be suspicious,” replied Conservative MP Matt Jeneroux (Edmonton Riverbend). “This is a slippery slope, minister.”
The CEO of the Canada Mortgage and Housing Corporation (CMHC) complained of a “need for home prices to stall,” in a private meeting, according to Access To Information records obtained by the Canadian Taxpayers Federation..According to Blacklock's Reporter, Romy Bowers also welcomed tips from equity tax advocates on a strategy to “brief political leaders” on the tax scheme..“Intellectually she seems oriented toward the need for home prices to stall but she did point to a range of caveats,” said an October 8, 2021 email circulated among managers at the CMHC. “Intellectually she indicates that her own personal view is that real estate being 14% of GDP is not a strong path for Canada.”.The email was by Paul Kershaw, a University of British Columbia researcher who received $450,000 in CMHC funding to promote a home equity tax. UBC researchers in a January 5 report advocated a $5.8 billion annual tax on home equity..“She welcomed my support in helping to prepare her for the communications [and] media that will accompany its release,” Kershaw wrote of his meeting with the CEO. “She also indicated the need for her and CMHC to brief political leaders as well.”.Access To Information records indicated Kershaw also had two separate meetings with political aides in the Prime Minister’s Office. Discussions were “about the tax policy recommendations,” wrote Kershaw..Despite funding and promoting research in support of a home equity tax, both CMHC and the Liberal government have repeatedly denied favouring it. Bowers denied having anything to do with an equity tax in testimony at the House of Commons finance committee last January 21, three months after her private meeting..“Does CMHC recognize that, by taxing primarily seniors when they sell their houses, they’re actually taxing one of the main savings vehicles that senior citizens in this country have?” asked Conservative MP Greg McLean (Calgary Centre). “CMHC has done no work on the topic of the capital gains tax and the impact of taxation on housing,” replied Bowers..When asked why CMHC funded equity tax research, Bowers replied: “Their proposal was to study generational wealth inequality. It was not to study the capital gains tax issue specifically. Perhaps I was not clear on that. Their study was quite broad. They chose as part of the solution to focus on tax.”.Access To Information records indicated tax proponents also sought private meetings with Housing Minister Ahmed Hussen. In February 14 testimony at the House of Commons Standing Committee on Human Resources, Hussen said the government would never tax home equity..“The government is not charging or even thinking of or considering charging capital gains taxes on primary residences,” said Hussen. .“I think it’s fair for Canadians to be suspicious,” replied Conservative MP Matt Jeneroux (Edmonton Riverbend). “This is a slippery slope, minister.”
