B-boy 2

When Justin Trudeau stood before a half-built house in Hamilton on Tuesday and announced the Liberal housing plan some things were not exactly clear. Now they are. And it’s terrifying.

The man who’s presided over a 77% increase in GTA real estate values said his government will bring in “a TFSA for first-time homebuyers”. So people under 40 can save $40,000 in a tax-free account then use the money for a down payment.

That seemed oddly unfair. A tax shelter only for folks under forty? Seriously ageist. And letting couples chunk $80,000 into the new TFSA when it takes almost seven years for spouses to accumulate that amount of room in a regular TFSA? Seriously preferential. And a registered vehicle where withdrawals are allowed for only one reason? A serious catalyst for higher real estate values.

But wait. This is not what the Liberals are planning.

Hours after he spoke, this appeared on the party’s website:

We will introduce a tax-free First Home Savings Account to help young Canadians afford a downpayment, faster. Combining the features of both an RRSP and a TFSA, this plan will allow Canadians under 40 to save up to $40,000 towards their first home, and to withdraw it tax-free to put towards their first home purchase with no requirement to repay it.

This would allow young Canadians to set aside 100% of every dollar they earn, up to $40,000 toward the most important investment they will make in their life. If the funds are not used for a home purchase by the age of 40, they convert back to normal RRSP savings.

Whoa. So it’s really an RRSP – a registered retirement savings plan – but with nothing to do with retirement? This means the new thingamabob would run parallel to existing RRSPs – where the Home Buyer’s Plan already allows a couple to raid $70,000 in savings for a down payment without paying tax. It more than doubles their financial clout. In fact, it goes further. When those of us slightly over 40 contribute to our TFSAs we must do so with after-tax income. But Trudeau’s new Millennial gift would allow the kiddos to deduct their forty grand from taxes.

Like investing in an RRSP, you are able to deduct the savings you invest from your income when it goes into your First Home Savings Account. Like investing in a TFSA, this money will be able to compound and grow tax-free until you withdraw up to a maximum of $40,000. To ensure this supports genuine savings towards a first home and the people who need it, integrity measures will be put in place to deter tax avoidance.
Will it stay tax-free?
When you take it out to put towards a downpayment, it still stays tax-free and doesn’t get counted towards your income. Tax-free in, tax-free out.

The government would allow buyers to contribute and invest, earn tax-free capital gains while deducting 100% from taxable income. A significant advantage. Then, as with a TFSA, they could use the cash to buy a personal residence, paying no tax on the withdrawal. Unlike the RRSP Home Buyer’s Plan, there’d be no requirement to repay the money into the registered plan over a number of year, lest it become taxable.

To be clear, nobody in society gets a deal like this today. Nobody.

By allowing a couple to place $80,000 into the TFFHSA, write this off taxable income then use it to buy a house with a tax-free release from the account, guess what? You and I are financing the down payment. It becomes a taxpayer- subsidized purchase of real estate. It’s a gift. And if implemented every kid in the land would be a daft idiot not to snorfle up the benefits – creating a lot more real estate demand. And higher prices.

In fact a couple could plop $70,000 into their RRSPs, collect the tax refund and use that to help fund the TFFHSA, receiving yet another tax deduction for exactly the same money, which would then grow tax-free and could be withdrawn (again, tax-free, along with the RRSP funds) to buy a house which would eventually yield a tax-free capital gain. Breathtaking.

Compare that to the deal Mr. Trudeau gave you when, in 2015, he gutted TFSA room used for retirement. And all contributions are from income you already paid tax on.

Apparently fiscal sucking-and-blowing is cool when a leader’s desperate to cling to power.

There’s more, of course. Also lost yesterday was Trudeau’s commitment to crash REITs, or real estate investment trusts, because he doesn’t understand them or the role they play in providing thousands of well-run urban rental units.

We will undertake a review of the tax treatment of large corporate owners of residential properties such as Real Estate Investment Trusts (REITs) who are increasingly trying to amass large portfolios of Canadian rental housing, putting upward pressure on rents. We will put in place policies to curb excessive profits in this area, while protecting small independent landlords.

By the way, T2 also quietly committed to raising the CMHC insurance limit by a whopping 25%, to $1.25 million. That makes 20x leverage available to a lot more people for a lot more properties. Along with the slashing of insurance premiums (also announced yesterday) you can be certain that, if elected again, Mr. Trudeau will preside over a housing gasbag that goes from historic to epic.

About the picture: “Great work on the blog and your tireless efforts to educate the Canadian public on financial matters,” writes Ralph in his MSU. ” The dog in the photo is named Duke and he is my daughter’s and her boyfriend’s dog.  He is my best buddy and I always enjoy having him over at our house.  He is proof that dogs love unconditionally and are truly man’s best friend. Keep up the great work!”

233 comments ↓

#1 Dogman01 on 08.25.21 at 12:01 pm

#39 Nonplused on 08.24.21 at 3:33 pm
Garth, today’s post is a sad comment on the state of the nation’s understanding of economy and finance.

The only way to make housing more affordable is to build more of it.

————————-

“Math is hard”
“Math is the only subject that counts!”

We have a housing shortage, say we need 10% more.
What is the current population to housing stock ratio?
Add 10% is what we need.
Then keep it in ratio to population growth, both natural and immigration.

All the tax breaks and subsidies should be directed at building more.
Sure we can make them more environmentally efficient.

We got the trees and we got the land…it is Canada eh.

Why are all the proposals to encourage more money to be dumped into the same stock of real estate, Let’s instead encourage productive building.

#2 Midnights on 08.25.21 at 12:07 pm

Dr. Stock’s presentation at school board.

That’s not a Freudian slip, last name and all.

https://duckduckgo.com/?q=dr%20stock%20video&ia=web

#3 Dave Murray on 08.25.21 at 12:08 pm

Put me down as Gobsmacked.

#4 crowdedelevatorfartz on 08.25.21 at 12:11 pm

If Trudeau gets reelected ….pour gallons of gas on the bag that is Housing and light it……the sky is no limit for the smoke that will rise like housing prices….

This guy needs to go.

#5 Joe Di Lillo on 08.25.21 at 12:18 pm

If you can’t beat them, join them! *signs up to real estate broker classes*

#6 Bubble Boy on 08.25.21 at 12:21 pm

There was a Bubble Boy song for yesterday’s post, and there is a B-Boy song for todays too!

I give you Canada’s own K-OS with B-Boy Stance.

https://www.youtube.com/watch?v=Yd3AV4Cexf0

Killer track. PUMP IT through the PA system Garth!

#7 P.S.A. on 08.25.21 at 12:26 pm

While everyone is fighting over leaseholds to slanted semis on land they don’t own and never will, here is a public service announcement to make us better people.

https://nationalpost.com/opinion/summer-plagued-by-obnoxiously-loud-motorcyclists-heres-how-to-stop-it

#8 leebow on 08.25.21 at 12:30 pm

I have three underage kids. That’s up to $250,000 value for my family under conservative assumptions, tax refunds, growth and all. Possibly much more. Who said it doesn’t rain money?

#9 Doug t on 08.25.21 at 12:30 pm

WAIT THERE’S MORE – he sounds like an infomercial

#10 Sail Away on 08.25.21 at 12:32 pm

As the non-financial Minister of Finance nods and smiles, nods and smiles.

So woke.

#11 Dogman01 on 08.25.21 at 12:37 pm

On Parents: – “Many of them find themselves stretched, where they have to cut cheques for $100,000 to their kids so they can get a down payment for their house. This is one of the challenges that we’re in, where most of the people buying homes are able to because they have parents, or grandparents who basically are giving them significant down payments for their homes.”

https://www.bnnbloomberg.ca/toronto-housing-at-crisis-point-as-prices-surge-broker-1.1643821

In his book: COLLAPSE, Jared Diamond described how when the North Greenland Viking settlement collapsed they all packed up and moved in with their South Greenland relatives. Soon after the South Greenland Viking settlement collapsed. Archeologists found evidence of serious violence….

This Reals Estate bubble threatens everything in the Canadian economy, all while we concurrently destroy wealth generating established industry and substitute “green fantasies”. Investment (looks like REITS now?) and the best minds are being driven away from Canada.

Canada, embarrassingly unable to get anything done like just building more houses.
https://nationalpost.com/news/canada/from-vaccines-to-pipelines-to-clean-water-on-reserves-why-canada-cant-seem-to-get-anything-done

#12 hwy_str on 08.25.21 at 12:40 pm

They are either total idiots and very smart and know very well what they are doing.

On one hand, if T2 does not find a way to allow more people to buy homes (the “have-nots”), they will vote him out.
On the other hand, if T2 adopts policies that lower real estate prices, all those with one-asset strategy and who poured all their loonies and twonies in a suburban mansion (the “haves”) will become poor and upset and will vote T2 out.

So it seems like a lose-lose situation for T2, right?

Maybe he can make it a win-win? If prices stay where they are, or go up, the “haves” will be happy and leave him alone. And if he hands out more cash and allow people to borrow more, all those “have-nots” will suddenly be able to “afford” to buy and become the “haves” (what they crave). Win-Win, right?

It seems to me that this is exactly what he is doing. Just give the people what they want. They want expensive houses, all of them, those who have and those who don’t. Who cares about epic mountains of debt? Just leave the problem to the next guy, as they usually do.

#13 Ronaldo on 08.25.21 at 12:45 pm

What a disaster. This guy cannot be booted out soon enough. I cannot imagine another 4 years under this dude.

#14 Ju-uhh-uhh-uhh-stin Blackface on 08.25.21 at 12:50 pm

I’m …uhh…Taxing the …uhh… Banks!

WooHoo!

#15 Rishu on 08.25.21 at 12:55 pm

I wouldn’t worry about it.

The majority of my millennial cohort already didn’t have the money to max out their TFSA, RRSP; let alone I would imagine for this new TFFHSA.

Unless of course they get that sweet dough from their parents to max out their accounts…

Meh.

#16 cramar on 08.25.21 at 1:00 pm

All this makes perfect sense to the myopic house-horney voters. Give ’em bread and circuses while the empire around them crumbles. When the gasbag RE market eventually collapses under its own weight, I wonder who the 40-and-under crowd will blame? Don’t blame us Boomers. You voted for it.

#17 The Other Doug on 08.25.21 at 1:01 pm

And here I thought the Canadian Human Rights Act protected against these types of actions.

“For all purposes of this Act, the prohibited grounds of discrimination are race, national or ethnic origin, colour, religion, age, sex, sexual orientation, gender identity or expression, marital status, family status, genetic characteristics, disability and conviction for an offence for which a pardon has been granted or in respect of which a record suspension has been ordered.”

https://laws-lois.justice.gc.ca/eng/acts/h-6/section-3.html

#18 T-101 on 08.25.21 at 1:09 pm

Can we please stop calling Justin Trudeau “T2”?

It does one of the best action movies of all time a disservice. I’m tired of it. He won’t be back!

By the way, T2: Judgement Day is playing at Cineplex Cinemas Ottawa Sept 20th, 11PM – One Showing only.

#19 Jeff on 08.25.21 at 1:11 pm

Trudeau is the worst PM that Canada ever got. We need a right wing government to be elected or else Canada will become a third world country.

#20 real estate is no more real on 08.25.21 at 1:12 pm

Desperation is setting in really fast with the real estate lobby. The Bank of Canada is not going to be able to save these gullible home buyers, home owners when they have a doubling of mortgage rates in the next 20 to 30 months. Many of these home owners and new home buyers are really not making informed, wise decisions and looks like their decisions are too clouded by the whole frenzy, mania of higher real estate prices in Canada.

Take 2% more interest to be paid on a $700,000 to $1,000,000 mortgage which equals $14,000 to $20,000 more in annual interest and watch out. Higher property taxes, water, utility rates, garbage fees, gas prices, food prices, insurance rates, land transfer taxes, carbon taxes, new taxes of all types, much higher inflation rates and you have a recipe for economic, financial disaster.

My friends just got a recent letter from his mortgage company, registered mail that his monthly mortgage payment is going up $500 a month at renewal due to a higher mortgage rate and higher mortgage payments policy. Their mortgage company apparently wants higher mortgage payments because they don’t want to lose money. My friends are not behind on their mortgage payments and actually paid off $20,000 from the original mortgage of $770,000 from 3 years ago.

Their mortgage is currently $750,000 as their variable mortgage came due after 3 years. Variable mortgage rates are lower than 3 years ago and it is just looks that their mortgage company wants higher mortgage payments and that is final.

This is in a low mortgage rate environment, even if we see higher 0.50% to 1% point more mortgage rates in 12 months then what are people going to get $750, $1,000 more a month higher mortgage payment at renewal. By the way, their Toronto property tax bill came in, $65 more for each payment , there are 6 in total. It is due to assessment, tax rate increases and their Toronto utility, garbage water rates are higher too, looks like an extra $275 more a year.

#21 Concerned Citizen on 08.25.21 at 1:14 pm

Politically I’ve always considered myself centre right on fiscal issues and centre left on social issues. That means I’ve voted Liberal most of my life, although I have also voted NDP and Green at times. If I had been voting age when they were still around, I think I would likely have voted PC a few times by now, too.

I was on the fence this go ’round, but this latest housing bubble plan from Trudeau seals it – I can’t in good conscience hold my nose and vote Liberal this time. This plan would obviously make the problem even worse – honestly, they surely can’t be serious with this BS! And even if it were a good plan, I now have zero confidence he would implement it. Also, he’s the guy who appointed that buffoon Tiff Macklem to head the BoC, a man who has demonstrated no awareness whatsoever of the extreme damage his monetary policy has done and continues to do in earnest.

The adults left the room in 2009. Ever since, the answer to every issue is to throw more printed/borrowed money at it. The more irresponsible you are, the better you do! And this policy framework has entered hyper-drive with the pandemic.

Here’s a newsflash, dumbdonkeys! If housing is to be more affordable, prices need to come down. That’s it! It’s really that simple! You can’t make housing more affordable by increasing housing prices! You can’t bring prices down by restraining supply or increasing demand! It’s not rocket science!

We’re going to need to boost immigration to a million a year to compensate for all the young people about to escape this nightmare. Canada is well on track to becoming a feudal state – rich and poor, and no middle class. Perhaps that’s the plan – after all, surely policymakers couldn’t be so profoundly stupid as they have demonstrated?

#22 Prince Polo on 08.25.21 at 1:17 pm

Is there a time limit on how quickly I need to use the “$40K” for a down payment? Maybe I like taking my time on major purchases and will have to mull it over for 40yr tax-free growth first! Ah, a fresh homeowner by age 79, never sounded so dumb as it does today.

#23 I told ya so Guy on 08.25.21 at 1:29 pm

I told you housing is going to explode in price in the next few months.

Already hearing Vancouver and the Island are hot like never before. 25 offers on a single property.

Sales will be low as there is no inventory. But the few homes that sell will be through the roof.

Once people realize the Libs plan is to boost demand then, well, I have no words.

Forget gas, they are adding magnesium to the fire.

I might just have to plop down a deposit on a couple of condos quick. Sorry I waited this long.

#24 Ponzius Pilatus on 08.25.21 at 1:34 pm

#178 crowdedelevatorfartz on 08.25.21 at 10:16 am
Gee whiz.
The Prime Minister’s gonna have to come up with some good “spin” to “splain the unfolding “evacuation” disaster that is the Afghanistan mission….
All about to unfold in less than a week.
“20,000 will be evacuated…”
Try, maybe 2000.
I wonder which Canadian General they’ll hang from a pole to throw stones at when, it’s their own politically correct bureaucrats that are to blame
————————
Germany and Britain are all well behind.
How many Talibans do you want to come to Canada?
Lax vetting is perfect for them to send some “sleepers”.
When your neighbour walks around with a suicide vest, don’t shake his hand.

#25 Wag the Dog on 08.25.21 at 1:35 pm

Come on, it’s a giant collusion. It’s not just one guy who’s to blame.

It is the Central Banks
It is the Central Bankers
It is the Banks wanting zero liability with CMHC
It is the Banks rolling in the profits from these policies
It is the Politicians wanting that land transfer tax growth
It is the Politicians wanting property taxes to increase
It is the Politicians with their policies
It is the Finance Minister steering toward this
It is the CMHC not doing what CMHC was for
It is all a GIANT PYRMID SCHEME!

That’s what housing has become.

Don’t just blame the drama teacher. He didn’t set the wheels in motion to be honest. He just does the same thing any other politician will do.

And if the PM is nor really in charge, just toeing the line, we should ask…who is in charge driving this policy?

#26 Polozified on 08.25.21 at 1:35 pm

JT must be completely and utterly convinced he’s blown his majority chances, otherwise he wouldn’t make such outlandish promises.

Another Lib minority it is…

#27 IHCTD9 on 08.25.21 at 1:37 pm

Indefatigable stupidity. I expected nothing less from our troop of goofballs in Ottawa.

But I digress. The IH bunker complex appears to be located in a new hotspot for gta’ers to plop their RE investment cash.

I might be able to get 2, maybe 3 severances off my 4 acre corner plot…

#28 Dustmaker on 08.25.21 at 1:37 pm

Make Trudeau a drama teacher again!

#29 STRESS TEST on 08.25.21 at 1:38 pm

O’Toole wants to ease up on the STRESS TEST.

This would be a good thing?

These guys are all paid off by the banks and real estate lobby to keep this bubble going.

Call a spade a spade.

Don’t expect any politician to clean this up.

NEVER GONNA HAPPEN!

In fact, if anything, exact opposite for as long as possible.

#30 John on 08.25.21 at 1:39 pm

I am hearing from an insurance broker I know for 30 years that next year’s, 2022 auto and home insurance rates will climb between 20% to 40%. The average household will see a big increase of between $1,000 to $2,000 according to my insurance broker told me.

I hope he is wrong but the information I got from him in the past was pretty true. I am just thinking on my uncle that has 3 kids with 3 cars all paying auto insurance living with him and his own auto and home insurance policies coming due next year.

#31 Ponzius Pilatus on 08.25.21 at 1:46 pm

I have to admit that JT’s home purchase plan is not to my liking.
Building more units is not the answer.
Tax all the empty units and Airnbs , thus incentivizing the owners to sell.
The Urban Sprawl has to stop.

#32 enthalpy on 08.25.21 at 1:49 pm

whats 40k gonna do for you when homes costs soar past 2 million in the big cities?

#33 Don't worry about it on 08.25.21 at 1:50 pm

#15 Rishu

“I wouldn’t worry about it.

The majority of my millennial cohort already didn’t have the money to max out their TFSA, RRSP; let alone I would imagine for this new TFFHSA.

Unless of course they get that sweet dough from their parents to max out their accounts…

Meh.”
***************************************

I am already thinking about how to work this out with my nieces and nephews.

But my brothers will beat me to it. Damn.

If the Libs actually follow through with this too good to be true plan, the numbers involved will be staggering.

It’s like the exact opposite of their stupid shared equity plan, which they are also turning into a pure loan option.

It’s like they sat down to try and figure out how they could boost prices the most possible ways.

Truly incredible.

#34 CGabe on 08.25.21 at 1:53 pm

My Response to a CBC Halifax reporter’s story on the housing shortage

“””HUH?

A single mom trying to buy a house on $15 dollars an hour? Where is the father? Even in my times a single mom couldn’t buy a home.

You CBC reporters are nothing more than a bunch of Commies.””

#35 ElGatoNerodeYVR on 08.25.21 at 1:55 pm

Amazing news for existing home owners. There is already a shortage of SFH properties on the market, with the existing ones being “the unsellables ” , taken off and relisted for higher at ridiculous premiums over assessment. It looks like people will end up paying the ridiculous new prices.
The only way for the government to build new housing fast is to approve a standard property design like they did in the East Euro block and they do in Mandarin speaking China today and then build hundreds of them following a standard subdivision plan with interconnected transportation. One townhouse and one condo design ,repeat over and over.
Chances of this happening … we can all make a guess.

So conclusion is that no matter what logic says you should buy immediately the most house you can afford , it has worked for Canadians for the past few decades and it looks like it will just get better.
Buy now ,hold for 2 years, sell ,invest and retire early ,or repeat while deciding between a Lambo and a McLaren.

The above is not qualified financial advice , past performance may not be repeated, one shall make their own research and forecasting.

#36 Kate on 08.25.21 at 1:58 pm

I think the Erin O’toole and the conservatives should do more to help seniors and retirees. The protection of workplace pensions is good start for future workplace pensions but what about today’s Canadian pensioner, retiree.

They should make annuity payout rates higher, both life, single, term certain. Most annuity payouts now those 65 and older for single, life, 20 years to 30 year terms range from 4% to 5% at most. The government should give an incentive to insurance companies, banks, annuity companies by giving them tax credits to pay 6.5% to 7.5% annuity payout rates on up to $300,000 maximum annuity contract lifetime amount per Canadian senior, retiree 65 years and older.

#37 Old Stock Canadian Voter on 08.25.21 at 1:59 pm

As I said the other day: divisiveness is the new Canada. Here we have the millennials against the boomers. This plan is outrageous.

#38 604Sam on 08.25.21 at 2:00 pm

Garth, let me get this straight… I am under 40. And just about to max out my RRSP for the first time this year. If I max out the RRSP tomorro, and Trudeau gets elected and implements his TFFHSA, does that mean I instantly unlock an extra 40k in contribution room? So I can feed the TFFHSA until I’m 40 then NOT buy a house and add the funds to my RRSP??? Am I forced to buy a house with it?

#39 Lee on 08.25.21 at 2:03 pm

The government is creating about $40,000 to $50,000 in equity for a couple with this plan based on estimated tax refunds that will be generated per couple. Why not just give the couple $50,000 and save all the paper work?

#40 earthboundmisfit on 08.25.21 at 2:10 pm

Adding “dangerous” to my litany of unflattering descriptors of the prevaricating popinjay.

#41 TurnerNation on 08.25.21 at 2:15 pm

Dolce the numbers are very suspect. I allege there Always were. We lost our freedom to this?

https://globalnews.ca/news/8137567/covid-19-regina-long-term-care-homes-covid-19-saskatchewan/
“The Ministry of Health and the Saskatchewan Health Authority found that a large number of invalid tests done at the Roy Romanow Provincial Laboratory has impacted the recent spike in COVID-19 cases in Regina’s long-term care homes.
According to the province, there were up to 255 invalid COVID-19 test results from Aug. 18 – 22. The samples have been retested and 206 are inconsistent with the initial result.”

.CDC Study Counts People Hospitalized within 14 days of receiving the Vaccine as “Unvaccinated”
“https://www.cdc.gov/mmwr/volumes/70/wr/pdfs/mm7034e5-H.pdf
Persons were considered fully vaccinated ≥14 days after receipt of the second dose in a 2-dose series (Pfizer-BioNTech or Moderna COVID-19 vaccines) or after 1 dose of the single-dose Janssen (Johnson & Johnson) COVID-19 vaccine; partially vaccinated ≥14 days after receipt of the first dose and <14 days after the second dose in a 2-dose series; and unvaccinated <14 days receipt of the first dose of a 2-dose series or 1 dose of the single-dose vaccine or if no vaccination registry data."

———

I posted a few times last year, the New System is to be run by the large Global Corporations. Governments…mean nothing. They take our tax monies and sign the e fat contracts, with said Corps.
Your children will throw flowers and sing songs of praise. To your Corporation.
"You will own nothing and be happy". Gee are they gunning to shut down/disrupt TRAVEL? Say it ain't so.

https://twitter.com/business/status/1430531106340839429?
Bloomberg @business
BREAKING: Delta Air Lines will impose a $200 monthly surcharge on employees who aren’t vaccinated against Covid-19, becoming the first major U.S. company to levy a penalty to encourage workers to get protected


—-Alllllmost back to normal. There is no more news, only manufacturing of consent

.Oregon governor announces statewide outdoor mask mandate regardless of vaccination status (foxnews.com)

.'This is going to happen': Expert predicts Alberta vaccine passports as B.C., organizations to require proof (edmonton.ctvnews.ca)

#42 NDP, Liberals, Trudeau etc. thinks they are all Santa Clause on 08.25.21 at 2:18 pm

Hey Lee, what is why this slow dribble, moving socialism. Give every Canadian a $1 million a year free government benefits, tax free and let the good times roll.

Call it the Trudeau’s You Won The Lottery Plan. Canadians can soon find out what economics is all about.

#43 Join Em' on 08.25.21 at 2:19 pm

Can I go back in time and un-buy my first condo that went down in value in Edmonton, to take advantage of all these programs now? ;)

#44 Mehling on 08.25.21 at 2:24 pm

Re: Ponzi

“Tax all the empty units and Airnbs , thus incentivizing the owners to sell.”

Ponzi, I agree but the government is not following up on countless leads provided by @Mortimer_1 on twitter.

Take a look.

https://twitter.com/mortimer_1?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

#45 IHCTD9 on 08.25.21 at 2:25 pm

“In fact a couple could plop $70,000 into their RRSPs, collect the tax refund and use that to help fund the TFFHSA, receiving yet another tax deduction for exactly the same money, which would then grow tax-free and could be withdrawn (again, tax-free, along with the RRSP funds) to buy a house which would eventually yield a tax-free capital gain. Breathtaking.“
——-

This is exactly how things would proceed among those who never needed this plan, and could instantly top up the TFFHSA to the max after depositing the tax return produced by the RRSP deposit.

IE, kids with parents already willing to gift them the cash. Those who would benefit from the TFFHSA will be busily saving up their 40k over 5-10 years while the market prices froth into a hypersonic missile launch by those backed by gift money, who now receive a triple shot (or is it quadruple?) of purchasing power instead of just one.

So in the end, fortunate kids get a gift *3X*, Canada loses a shit-ton of tax revenue, house prices exit the milky way at the speed of light, and those who had to take 5 years to save up the 40k find they need a 500K for a down payment when they get to the other end.

#46 KLNR on 08.25.21 at 2:30 pm

@#27 IHCTD9 on 08.25.21 at 1:37 pm
Indefatigable stupidity. I expected nothing less from our troop of goofballs in Ottawa.

But I digress. The IH bunker complex appears to be located in a new hotspot for gta’ers to plop their RE investment cash.

I might be able to get 2, maybe 3 severances off my 4 acre corner plot…

you in Picton?
that seems to be ‘The Place’ for Toronto investment $$$s at the moment.
Personally I’m thinking about south frontenac.

#47 Francois on 08.25.21 at 2:31 pm

You really want to slow down real estate speculation, make the mortgage minimum payment 15%. Try this for 1 year and see what happens. If it works to good you could always dial it back to a lower rate with market conditions.

Your $800,000 mortgage will require a $10,000 minimum monthly mortgage payment. You can’t afford it tough luck.

I think the current rate is 5.3% by the Bank of Canada. It is too low. We need a $250,000 minimum decrease in GTA house prices.

#48 jahans on 08.25.21 at 2:32 pm

Congratulations Mr.338.

Well maybe a few less than that in irrelevant, backward, worthless Alberta. lol

Trudeau: Architect of the biggest majority in Canadian history for the Big Red Machine.

#49 IHCTD9 on 08.25.21 at 2:34 pm

#38 604Sam on 08.25.21 at 2:00 pm
Garth, let me get this straight… I am under 40. And just about to max out my RRSP for the first time this year. If I max out the RRSP tomorro, and Trudeau gets elected and implements his TFFHSA, does that mean I instantly unlock an extra 40k in contribution room? So I can feed the TFFHSA until I’m 40 then NOT buy a house and add the funds to my RRSP??? Am I forced to buy a house with it?
——-

The website mentions “integrity measures” to be put in place to ensure the $ goes towards a home purchase.

But, you could do it anyway and try the old “…but, I didn’t understand!!” tactic folks successfully employed against Trudeau when they didn’t qualify for CERB funds they banked, and were asked to pay it back.

Maybe he’ll let you keep the cash too.

#50 Nick Rainbow on 08.25.21 at 2:36 pm

I’m glad our house didn’t sell this spring/summer. Looks like next spring could be epic!!

#51 saskatoon on 08.25.21 at 2:39 pm

Not sure how this can be considered subsidization…but still crazy.

#52 Damifino on 08.25.21 at 2:41 pm

Anyone under 40 with an existing TFSA and any plan to purchase a first home should immediately move all TFSA funds (tax free, of course) to the new TFFHSA.

That money may then be deducted from current income and the resultant tax savings slammed back into the TSFHSA. Win-win.

If retirement is of no concern and the attainment of home ownership is the one and only goal you’d be mad to put money into a TFSA when a TSFHSA is available.

Justin Trudeau despises the TFSA (although he’s still good with trust funds). It was the product of a Conservative government and he’s been bent upon its sabotage from the beginning.

A contemptuous, small-mined, cynical ploy. And let’s not forget the blatant ageism on display, the last acceptable form of discrimination. Vote accordingly.

#53 Loonie Doctor on 08.25.21 at 2:41 pm

Wow. Unbelievable. A double tax credit (RRSP and then HRRSPTFSA), then tax-free growth and worst case scenario extra RRSP room. This is insane. I don’t think it will make more money magically appear, but the Bank of Mom & Dad gifts will get augmented by the tax-payer. Give junior money, they put in RRSP, get refund. Put refund and more money in HRRSPTFSA, get second refund (all paid by us). Grow tax-free or spend right away. This is nuts.
-LD

#54 Nonplused on 08.25.21 at 2:42 pm

“Like investing in an RRSP, you are able to deduct the savings you invest from your income when it goes into your First Home Savings Account. Like investing in a TFSA, this money will be able to compound and grow tax-free until you withdraw up to a maximum of $40,000. To ensure this supports genuine savings towards a first home and the people who need it, integrity measures will be put in place to deter tax avoidance.
Will it stay tax-free?
When you take it out to put towards a downpayment, it still stays tax-free and doesn’t get counted towards your income. Tax-free in, tax-free out.”

Needless to say there is so much wrong with this it defies comprehension.

First, where are the adultlets going to get the money to max out this new RHSP if they aren’t even maxing out their RRSP, from which they can already draw $70,000. So if the TFSA was a gift to the rich, this is more so because you don’t even have to pay taxes on the money going in.

Second, the so-called housing crisis (which is limited to YVR and YYZ) is a matter of supply and demand. There is not enough supply to meet the demand. Increasing the amount of money available to bid up the supply, even by a paltry amount of whatever the taxes would have been on said $40,000, will do nothing to increase supply. And anyone who has the remotest understanding of economics or has played Monopoly before knows that if you increase the amount of money without increasing the supply, prices rise fast.

Then there is the ageist thing. Why 40 and not 50? Why not 30? What statistics did the Trudeau handlers go over to calculate that magic number? Did they realize that the number of people over 40 that don’t have homes already is too small of a voting group to worry about, so they threw them under the bus???

How many more partitions of society based of superficial qualities do we need? What’s next, a balding persons home buying grant? It’s a divide and conquer strategy. This is simply a disgusting vote pandering operation. Things like age, skin color, sexual preference, etc. do not make for good policy, which is why the discrimination act prohibits them.

An what about people who had a house but experienced bankruptcy, and would like to start over? Nope, you are 41. Homes are only for the below 40 crowd.

Maybe they should just go ahead and give every eligible voter $1 million dollars as some economic illiterates suggest. What could go wrong if everyone had a million dollars to bid up real estate?

————————————-

#1 Dogman01 on 08.25.21 at 12:01 pm
#39 Nonplused on 08.24.21 at 3:33 pm
Garth, today’s post is a sad comment on the state of the nation’s understanding of economy and finance.

The only way to make housing more affordable is to build more of it.

————————-

“Math is hard”
“Math is the only subject that counts!”

We have a housing shortage, say we need 10% more.
What is the current population to housing stock ratio?
Add 10% is what we need.
Then keep it in ratio to population growth, both natural and immigration.

All the tax breaks and subsidies should be directed at building more.
Sure we can make them more environmentally efficient.

We got the trees and we got the land…it is Canada eh.

Why are all the proposals to encourage more money to be dumped into the same stock of real estate, Let’s instead encourage productive building.

——-

It is not necessary to give builders tax breaks and subsidies. Actually, doing so would probably reduce supply, because now the economics would depend on the tax breaks and subsidies and there will be strings attached. To deal with the housing crisis, all that needs to be done is to deal with the municipal governments and their bureaucracies and the NIMBY crowd. If they remove the road blocks, the builders already have the motivation to build. There won’t be a way to subsidize their way around the road blocks. It doesn’t matter how many subsidies you get if the town council says you can’t subdivide your own land. Also there is no reason so much land in the inner city remains R1 and R2. Rezone it all to high density so they can tear down all the dilapidated war houses hogging lots of perfectly good real estate and let the developers in and you will see 4 story town houses and condos spring up everywhere.

As I have said many times before, money isn’t real, it is an accounting method. We have to stop thinking there is some magical way to solve what is essentially a physical problem (not enough supply) by fiddling with the columns on a spreadsheet. We need a physical solution. The main thing the government can do right now is get out of the way by eliminating any and all restrictive regulations, and right now the majority of the problem lies with the municipalities. Too many voters elect their council members based on the fact that they don’t want high density housing in their neighborhoods.

There is no housing shortage in Texas. There also aren’t any zoning laws.

#55 The Spectre on 08.25.21 at 2:43 pm

What could we expect from a clown that brought half a trillion dollars in unneeded debt?

Vote the lieberals-dippers-bloc out of government before it’s too late.

#56 Dogman01 on 08.25.21 at 2:43 pm

#45 IHCTD9 on 08.25.21 at 2:25 pm

IE, kids with parents already willing to gift them the cash, fortunate kids get a gift *3X*, Canada loses a shit-ton of tax revenue, house prices exit the milky way at the speed of light, and those who had to take 5 years to save up the 40k find they need a 500K for a down payment when they get to the other end.
————————————
“Pick your parents carefully” – Just like Trudeau did.

“Little lord Fauntleroy” has no clue how working Canadians lives their life.

Justin Trudeau; nothing more than a Pez Dispenser of far left progressivism idiocy, a Disney character of a Prime Minister.

Worst Government ever…..

#57 Guy in Calgary on 08.25.21 at 2:45 pm

So since i am under 40, I can fund this account with non-reg investments, receive the deduction then eventually just roll it over sheltered into my RRSP?

Curious to see what the checks and balances will be other then age.

#58 yvr_lurker on 08.25.21 at 2:46 pm

We will undertake a review of the tax treatment of large corporate owners of residential properties such as Real Estate Investment Trusts (REITs) who are increasingly trying to amass large portfolios of Canadian rental housing, putting upward pressure on rents. We will put in place policies to curb excessive profits in this area, while protecting small independent landlords.

—————–

I am very aware and supportive of REAL measures to help the affordability issue for young families. It is much more challenging than it was when I was buying my first place 21 years ago. T2’s plan will likely goose the market more, with prices even further, and the preferential treatment towards this age group makes it clear that “we are not all in it together”. What if I am 41 years old living in YVR and having worked to save a decent downpayment for a decade and a first time buyer?… well, tough ^&*&&^, you missed the cutoff. There will be many in the below 40s crowd who will vote for him now.

I do believe that the plan on severely regulating REITs and large scale investors (local and foreign) buying up tons of residences (look what has happened in the NWT now) is a very good idea by T2. Left unchecked, these REITS will behave like an oligopy and will set a universally high “market price” for rentals, will curtail competition, and will completely shut out renters. in the NWT they have been in many places the only game in town. Anyone who believes in the Mr. Market should be worried about the wide-scale purchases of residential units by large-scale and deep-pocketed groups of investors looking to corner the rental market.

#59 Midnights on 08.25.21 at 2:48 pm

Basically what you said, Garth. Plus a few other things.
What a joke.

https://www.zerohedge.com/markets/canadas-trudeau-proposing-fixing-his-countrys-housing-bubble-even-more-government

#60 Do we have all the facts on 08.25.21 at 2:49 pm

Hopefully the millions of Canadians who were never allowed to deduct $40,000 from their taxable income to use as a downpayment for their first home will express outrage over this unnecessary giveaway in the upcoming election.

If the objective was to make housing more affordable for future generations the solution does not lie with providing current first time homebuyers under 40 with a freebie.

This insane proliferation of pork barrel giveaways using debt to be paid by future generations has to be stopped.
We are witnessing blatant acts of robbing citizens in the future using the selfish desire to retain power today as the weapon.

We have an moral obligation to put an end to this criminal behaviour.

#61 Ballingsford on 08.25.21 at 2:52 pm

Sweet deal for sure. If I was younger I’d get in on it. Tax deduction and no tax on withdrawal. Has this been costed yet?

#62 some guy on 08.25.21 at 3:01 pm

Saying they are going to fix climate change while selling the idea that everyone gets a house and a backyard.

Canadians are becoming divorced from reality, its quite the sight to behold.

#63 Bob on 08.25.21 at 3:02 pm

@#21 Concerned Citizen

This plan would obviously make the problem even worse – honestly, they surely can’t be serious with this BS! And even if it were a good plan, I now have zero confidence he would implement it.

The depends on how you define “the problem.” I think most visitors to this blog would agree that house prices are too high (and have been going on two decades now) and need to come down–a lot. But that’s not how the government sees it. Adam Vaughan tipped their hand a few months back when he stated that the government wouldn’t do anything to damage home owner’s equity.

Their goal isn’t to make houses affordable at all. Nor is it to “help” first time home buyers. The goal is to preserve or increase valuations. To do that, they need to keep to ponzi scheme going by feeding it a constant flow of new buyers willing to pay ever more for “entry level” properties. Their proposals make a lot more sense when viewed in that light.

#64 Michael Chew on 08.25.21 at 3:03 pm

I hope to Dawg Mr. O’Toole calls this out in the debates.

#65 Dolce Vita on 08.25.21 at 3:04 pm

Justin pandering to the under 40 vote his mainstay. Knows he’s lost the over 40 vote.

I don’t think the kids are buying it.

Not a single yeah Trudeau! Tweet Comment out of 576 on his Twitter announcement RE Plan.

Many Tweet responses to Trudeau about his 2015 promise:

https://i.imgur.com/99lXnb0.png

Some Tweet responses, I assumed young from photo and/or verve:

“I saw this campaign “promise” get rolled out six years ago. Since then real estate prices have skyrocketed out of control …”

“I don’t want to pull you out of your alternate reality but do you think someone who’s on social assistance or making a minimum wage flipping burgers at McDonalds can afford a home…”

“Forgive me if I do not hold my breath. I’ll hang this promise on the wall with the REFERENDUM we are still waiting for. ”

“Are you just hoping we have all forgotten when you made this very same promise 6 years ago?”

“This you? I’m still waiting on this 2019 promise, as are the rest of Canada….” [referring to the above 2009 Trudeau Tweet]

——————–

Seems the kids are seeing thru Justin’s rinse, repeat BS promise.

The one that stuck me, worth the read and don’t forget to mouse over her Twitter name to get some details:

https://twitter.com/PrinMel84/status/1430533717634789376

Poignant.

#66 That guy on 08.25.21 at 3:05 pm

“In fact a couple could plop $70,000 into their RRSPs, collect the tax refund and use that to help fund the TFFHSA, receiving yet another tax deduction for exactly the same money, which would then grow tax-free and could be withdrawn (again, tax-free, along with the RRSP funds) to buy a house which would eventually yield a tax-free capital gain. Breathtaking.”

Um, so the one percenters, taxed at the highest rate, get the most benefit from this new investment vehicle. And all the 99 percent votes for it because it’ll help them afford a house. The rich get richer!

#67 XGRO and chill on 08.25.21 at 3:07 pm

Here’s the plan:

Make giant contribution into RRSP. Get tax break.

Put that tax break into TFFHSA. Get another tax break.

Top off TFFHSA to $40K. Another tax break.

Get spouse to do the same thing.

Use TFFHSA to buy a small condo. 1 bach suite here in Saskatoon costs $80k.

Get $10k first time home buyer’s tax credit. ($5k for you and spouse. More if they double it)

Turn around and sell condo. Small realtor commission of a few k.

Effectively, you just pulled tens of thousands of dollars out of the federal government, simply by moving money around.

Talk about perverse incentives.

#68 A Dollar is a Dollar is a Dollar on 08.25.21 at 3:09 pm

90% of Canadians support a wealth tax.

https://www.broadbentinstitute.ca/abacus_poll_tax?utm_campaign=aug_25_ttr_fair_tax_election&utm_medium=email&utm_source=broadbent

Q: Who should pay more tax? A: Somebody else. Yeah, big surprise. – Garth

#69 jimmy zhao on 08.25.21 at 3:10 pm

How will this affect the real estate holding of the Kielburger brothers and their parents ?

Did Trudeau consult with them on this scheme ?

#70 Dolce Vita on 08.25.21 at 3:17 pm

RE: Trudeau RE giveaway Tweet

Forgot this homebrewed, rough around the edges Photoshop gem:

https://i.imgur.com/NMUERiY.png

Not everyone handy with Photoshop it would seem; nevertheless, point made about what they think about his RE promises.

#71 Yukon Elvis on 08.25.21 at 3:18 pm

Whomever hands out the most goodies wins. Simple as that. Democracy at work.

#72 Dolce Vita on 08.25.21 at 3:22 pm

A lot of us are going to have pay more taxes for all the RE promises, if Justin delivers them.

You know Garth I’m thinking that you should have added to your “Coming for you” August 23rd, 2021 Blog this additional things to do tax avoidance:

– Capital Flight

to Italia.

#73 Melissa on 08.25.21 at 3:25 pm

Thankfully most Canadians aren’t financially literate enough to understand this or take advantage of it.

#74 WEXIT on 08.25.21 at 3:25 pm

Excellent insight on this. Thank you Garth

#75 Howard on 08.25.21 at 3:25 pm

#4 crowdedelevatorfartz on 08.25.21 at 12:11 pm
If Trudeau gets reelected ….pour gallons of gas on the bag that is Housing and light it……the sky is no limit for the smoke that will rise like housing prices….

This guy needs to go.

—————————–

Well you helped put him there.

#76 BCpaul on 08.25.21 at 3:26 pm

Question is, will this ponzi scheme of house prices collapse? Wouldn’t it make sense to tax capital gains on a home? A home shouldn’t be some magical investment that always guarantees massive profit.

#77 Julio on 08.25.21 at 3:26 pm

I was saying this before (under different names that got banned for some reason), that the housing in Canada NEVER EVER EVER will go down. Watch how a house in Toronto will go on average for 2M in a couple of years. So, as I’ve said, buy now or buy never. Stop timing this market. As many politicians said before “real estate is the bedrock of our economy”. Do you think they want a negative increase of GDP? Never!
And of course, it’s sooo sad that I didn’t buy a house since 2014 until now. Maybe it’s time (but first, i’ll take my free TFFHSA money).

#78 Linda on 08.25.21 at 3:28 pm

So JT is essentially doing a super bribe – paid for by anyone who is over 40 – which will have the ‘unintended’ side effect of goosing the RE gasbag. How do you make housing ‘affordable’? By providing financial vehicles that allow those who can’t buy now to be able to buy that is effectively ‘funded’ by all taxpayers – many of whom will NOT be permitted to put their hand in said cookie jar.

That having been said, given how many folks never make a TFSA or RRSP contribution possibly the new ‘gift’ vehicle for funding a home purchase will only be used by those who actually have the income to fund it.

As for the impending REIT attack, given that ‘small’ landlords (along with everyone else) were unable to collect rent (because landlords are rich) due to a Covid induced moratorium. Which spawned the meme that folks had a ‘right’ to live rent free, forever. Because like, its ‘fair’. Out of curiosity, given that Covid is still frisking about has that ‘no evictions despite lack of rent payment’ decree been rescinded? Have any of the landlord/tenant boards resumed hearings? I’ve read headlines about ‘reno-evictions’ but haven’t heard about the other stuff.

#79 Trojan House on 08.25.21 at 3:28 pm

Does JT have his own show on HGTV yet?

#80 alexinvestor on 08.25.21 at 3:29 pm

So, the kids save up more money to buy from existing homeowners who benefit from higher prices. So who loses in this equation ? People over 40 who don’t own homes split into 2 camps: the less well off and the people who got bad advice.

On a different note, I wonder if you can use this plan if you are married to someone with a house already.

#81 tom on 08.25.21 at 3:30 pm

If a under person is making under $80k they probably dont have excess savings above the TSFA limit.

Would this be beneficial? I don’t think so, right?

Better limitless tax free growth forever rather than turning it into a rrsp and being taxed when you withdraw because most people making under $80k probably dont get much of a tax break from the RSP/whatever this new one is called.

I feel if you dont end up spending it on a house you lose pretty bad vs a TFSA since the growth between age 40 and retirement is going to be huge

#82 Oakville Rocks! on 08.25.21 at 3:31 pm

After hearing the news of the Libs plans for this new TFFHSA it sure looks like Duke is giving T2 the side-eye.

Well done Duke!

#83 binky barnes on 08.25.21 at 3:32 pm

I have been telling the blog dogs for months that the PM PM (Mr. Justin Trudeau) was on the case, and that he would come up with something extraordinary and unique. He is a monetary genius. Yes, that is what he is, a genius.

BB

#84 Wallflower on 08.25.21 at 3:36 pm

How is it TSE not crashing?
Mass ignorance?

#85 milly on 08.25.21 at 3:38 pm

I’m a liberal millennial, but even I see Trudeau will destroy our country and further erode affordability and we will go “all-in” on real estate with out tax dollars instead of you know…. anything else that would benefit society. At this point it’s been the Cons and NDP for me, and it’s going to depend on who will inflate this housing crises less at this point…. it needs to end.

#86 Yukon Elvis on 08.25.21 at 3:41 pm

Liberal Party of Canada Leader Justin Trudeau is pledging to hike taxes on the nation’s largest banks and insurers if his party is re-elected on Sept. 20, just as the big banks come out with eye-popping earnings.
In a release Wednesday, Trudeau announced that he would increase the corporate tax rate on the big banks and insurance companies by three percentage points – from 15 per cent to 18 per cent – on all earnings over $1 billion. The Liberal Party leader also unveiled plans to establish a Canada Recovery Dividend to help fund the Liberal Party’s housing plan.

https://www.bnnbloomberg.ca/trudeau-grabs-for-2-5b-with-proposed-tax-on-banks-insurers-1.1644113

#87 crowdedelevatorfartz on 08.25.21 at 3:44 pm

@#74 Howie Howie Howie
“Well you helped put him there.”

+++

Not in the last election.
I threw in “anyone but Harper” vote when Harper was the PM.
Held my prostate and voted for Scheer last election.
Painful.

#88 milly on 08.25.21 at 3:45 pm

#66 XGRO and chill on 08.25.21 at 3:07 pm
Here’s the plan:

Make giant contribution into RRSP. Get tax break.

Put that tax break into TFFHSA. Get another tax break.

Top off TFFHSA to $40K. Another tax break.

Get spouse to do the same thing.

Use TFFHSA to buy a small condo. 1 bach suite here in Saskatoon costs $80k.

Get $10k first time home buyer’s tax credit. ($5k for you and spouse. More if they double it)

Turn around and sell condo. Small realtor commission of a few k.

Effectively, you just pulled tens of thousands of dollars out of the federal government, simply by moving money around.

Talk about perverse incentives.

—-

LOL yup, that was my thought. 100% buying a small condo in this scenario just for all the tax free money….

#89 Shawn Allen on 08.25.21 at 3:46 pm

The Generation Wealth Transfer in Reverse

#79 alexinvestor on 08.25.21 at 3:29 pm said:

So, the kids save up more money to buy from existing homeowners who benefit from higher prices.

**********************************
Exactly. The expected generational wealth transfer to the young is delayed and now reversed.

The young go into debt well over their heads to buy a house and the money goes (tax-free) to a mostly older generation of sellers.

#90 Bartman on 08.25.21 at 3:48 pm

Food for thought.
The government’s lack of integrity, honesty and moral compass is what is missing from society as a a whole. Typical of societies without a belief in the better good for mankind. Possibly the lack of belief in something greater than ourselves. Nothing backing up our state of affairs. Almost a parallel to a printed dollar without substance.

Hold on tight. I think we will all get what we deserve. Vote wisely.

#91 Dragonfly 58 on 08.25.21 at 3:49 pm

DELETED

#92 Planetgoofy on 08.25.21 at 3:52 pm

Here’s just one of the many reasons WHY T2 ain’t a leader Garth.
He is a crook on the highest level and I have a lot of proof and followers on that front.
If you give a rats about Kanada you will NOT support him…
https://www.facebook.com/CanadaProud.org/videos/liberal-elite-insiders-get-richer-ordinary-canadians-get-poorer/496998348332149/

#93 TurnerNation on 08.25.21 at 3:54 pm

For the Schlock Pickers> If housing or Refi and HELOC is to go Uppa Up then there’s
DLCG.TO – DOMINION LENDING CENTRES INC

For the Yield Hounds
The biggest sleeper Dividend stock – you never heard of. Trades ‘by appointment’. 5.84% yield
BEK.B.TO – BECKER MILK COMPANY LTD.

————–
Seen on Twitter:
‘The vaccine is our way back to normal’. With one of the highest vax rates in the world, Canada is starting to return to mask mandates and restrictions. What now?”


–*Uhhh prepping us for new Economic Lockdowns. This is to run for another year, maybe into 2025

.Peel Region, Ontario announces new public health measures amid recent rise in COVID-19 cases (toronto.ctvnews.ca)

.’Delay the gradual return of employees,’ public health tells Quebec businesses(montrealgazette.com)

.Biologist calls for return of restrictions to Alberta as B.C. reintroduces pandemic measures(calgary.ctvnews.ca)

.Philadelphia PA: What small businesses need to do to prepare for another COVID-19 lockdown(inquirer.com)

—–
—– Science in Kanada, twitter quote”

“British Columbia: If one tests negative for SARS-CoV-2 immediately before entering a restaurant but is unvaccinated, entry is banned. If one has SARS-CoV-2 and doesn’t realise it, but is vaccinated, entry is permitted, because science”

#94 Pylot Project on 08.25.21 at 4:12 pm

JT has also promised to end house flipping, and speculators. Tough to do when there’s numerous programs showing how to do that. Even one of his own has flipped four houses in four years. Grossed a cool $600K in the process.

https://www.citynews1130.com/2021/08/25/vancouver-liberal-flipping-homes/

#95 IHCTD9 on 08.25.21 at 4:16 pm

#46 KLNR on 08.25.21 at 2:30 pm
@#27 IHCTD9 on 08.25.21 at 1:37 pm
Indefatigable stupidity. I expected nothing less from our troop of goofballs in Ottawa.

But I digress. The IH bunker complex appears to be located in a new hotspot for gta’ers to plop their RE investment cash.

I might be able to get 2, maybe 3 severances off my 4 acre corner plot…

you in Picton?
that seems to be ‘The Place’ for Toronto investment $$$s at the moment.
Personally I’m thinking about south frontenac
——-

No, but I work with a few lucky long time residents of “the county”… PEC has been a dumping ground for gta cash going on 5 years now.

SF is nice, really all of eastern Ontario north of the 401 is. Kingston is nearby which has everything you need, and you can still get around no problem. I actually can’t believe Kingston has not been overrun yet!

My area is not filling up with retirees so much as folks actually trying to live here, but are still tied to the gta via family and/or work. Many new franchises in nearby towns. One little nearby town has like 7 Pizza joints and 6 dentist offices, with still more piling in every single year trying to make a go at exiting the gta and owning a house. Gas stations galore, fast food out the wazoo. And new subdivisions everywhere you look. House prices are stupid, vacant land on the edge of these small towns is utterly insane, lots of old farmers becoming millionaires. Several of these little towns have experienced a 40+% increase in home values over the last year. It’s got stupid very quickly.

#96 George S on 08.25.21 at 4:19 pm

I think quite a few problems stem from people not understanding the tax system, probably because they get someone else to fill out the forms. It seems that quite a large portion of people don’t understand a progressive tax system.
We already have quite a large “wealth tax” in Canada from what I have noticed. Anybody making more than a modest income pays more than half their income as income tax and GST on purchases and huge property taxes on their high value properties as well as proportionately far higher education taxes than lower income people. In addition retired people that make more than a modest income in retirement effectively pay a $7000 yearly wealth tax because of their OAS getting clawed back.
People who make low incomes at around the poverty line pay no tax except on a few non-essential items and in some cases get a fair bit of money from the government in the form of the Child Tax Credit.

All the fuss about being in a “higher tax bracket” I would love to be in the highest possible tax bracket. Think about it.

#97 Indigirl on 08.25.21 at 4:24 pm

Sigh. The people who actually need help won’t get it, but the rich (who get money from mom and dad) get richer. I find this all quite disheartening.

#98 My Body My Choice on 08.25.21 at 4:25 pm

I saw a 12-year-old boy this afternoon walking down the street with his friends wearing a T-shirt with an image of Trudeau with a bozo-the clown nose.

When 12-year-olds think it’s cool to mock Trudeau, you know the Liberals are in trouble.

2015 Election: Trudeau was cool.

2021 Election: It’s cool to mock Trudeau.

#99 James on 08.25.21 at 4:27 pm

#55 Dogman01 on 08.25.21 at 2:43 pm

#45 IHCTD9 on 08.25.21 at 2:25 pm

IE, kids with parents already willing to gift them the cash, fortunate kids get a gift *3X*, Canada loses a shit-ton of tax revenue, house prices exit the milky way at the speed of light, and those who had to take 5 years to save up the 40k find they need a 500K for a down payment when they get to the other end.
————————————
“Pick your parents carefully” – Just like Trudeau did.

“Little lord Fauntleroy” has no clue how working Canadians lives their life.

Justin Trudeau; nothing more than a Pez Dispenser of far left progressivism idiocy, a Disney character of a Prime Minister.

Worst Government ever…..
____________________________________________
Was that his first term for worst government ever or his second term?

#100 Bankersorta on 08.25.21 at 4:28 pm

Here’s the plan:

Make giant contribution into RRSP. Get tax break.

Put that tax break into TFFHSA. Get another tax break.

Top off TFFHSA to $40K. Another tax break.

Get spouse to do the same thing.

Use TFFHSA to buy a small condo. 1 bach suite here in Saskatoon costs $80k.

Get $10k first time home buyer’s tax credit. ($5k for you and spouse. More if they double it)

Turn around and sell condo. Small realtor commission of a few k.

Effectively, you just pulled tens of thousands of dollars out of the federal government, simply by moving money around.
___________________________
Brilliantl but then add…. take all the cash provided by the generous JT(read the 60% of Canadians who actually pay tax) and move to a spot in the US where 50% of SFH are less than $250k, live mortgage free, and have more than enough income at just above minimum wage to cover gold plated medical coverage …and likely better weather….assume most under 40s are already considering this alternative otherwise you’ll be paying $100k a year to live in a tent in somebody’s backyard in 3 years

#101 The West on 08.25.21 at 4:34 pm

Was with clients today, they fled Venezuela in 2006 when things were getting “bad”.

LOL – they told me to put the word out that they would personally pay for a one way ticket to Venezuela to anyone who wanted to go live in a socialist utopia – to see how awesome life is.

If anybody is interested let me know.

#102 IHCTD9 on 08.25.21 at 4:44 pm

#76 Julio on 08.25.21 at 3:26 pm

…the housing in Canada NEVER EVER EVER will go down. Watch how a house in Toronto will go on average for 2M in a couple of years.
——

I don’t disagree, but no one with a brain dumps 2mil into an old gta brick pile – that would sell for 300k in Houston – unless they fully expect it to increase in value.

There is absolutely zero reason to do so otherwise. So that pretty much makes everyone buying a 2 mil Toronto shack a speculator at this point.

#103 Dale on 08.25.21 at 4:45 pm

Let me get this straight. You can put up to $40,000 in a new tax free vehicle to buy house. This sounds good but it is like every Liberal, left leaning policy. It restricts you. No personal choices, freedom in your best interest.

They could of just raised the TFSA contribution limit for an extra $40,000 one time only. This way, you can buy a house, buy a car, invest it, do whatever you want with it. You are all being fooled thinking this is a great option.

#104 Adam on 08.25.21 at 4:49 pm

Anyone else feel like Trudeau is trying to lose this election? Why would he want to win? It makes way more sense for him to let the Conservatives have a very tight minority government and inherit this huge disaster. The next government is going to have to raise taxes and get the debt under control and will likely be very unpopular. Give Conservatives a small minority, then 2 years down the road have another election and then Trudeau will get his strong majority. Like father like son.

#105 Shirl Clarts on 08.25.21 at 4:51 pm

To ensure this supports genuine savings towards a first home and the people who need it, integrity measures will be put in place to deter tax avoidance.

Mr. Trudeau, Tax avoidance is LEGAL! Or would you rather us believe that avoidance and evasion are the same thing. You must hate Garth for teaching the masses how to handle their finances.

#106 AM in MN on 08.25.21 at 4:54 pm

#21 Concerned Citizen on 08.25.21 at 1:14 pm

Politically I’ve always considered myself centre right on fiscal issues and centre left on social issues.

———————————————————-

If you voted Liberal you are not center right on fiscal issues, or they simply don’t matter to you. Doubling your energy costs and killing the industrial economy are not “center right” positions.

——————————————————-

Canada is well on track to becoming a feudal state – rich and poor, and no middle class. Perhaps that’s the plan – after all,

——————————————————–

You’re just figuring this out now? Welcome to the world that voting for the left creates. It doesn’t share the wealth, it destroys the wealth and shares the misery.

The ruling class of course is exempted because they don’t believe anything they say.

They get you to worry about global warming while they fill up their private jet. They (mostly men) get you to worry about the status of women while they go from girlfriend/mistress to younger one without a thought in the world about he ones they leave behind.

Having no middle class isn’t a problem if you’re in the ruling class. As long as you keep voting that way, they’ll keep living that way.

#107 Father’s Daughter on 08.25.21 at 4:56 pm

I stand to directly benefit from this absurd plan – under 40, money ready to deploy into the new TFSA, and first time buyer. If it’s rolled out before February (husbands 40th birthday) we score big. We love our regular TFSA. And yet I still think it’s a horrible idea that is behind comprehensible that I want nothing to do with. Who is really benefiting here? It’s not the people already priced out of this insane market. This is a rich get richer scheme that reinforces the idea that to be worth anything in this country you must “get in” the market. Ugh.

#108 Cali on 08.25.21 at 4:57 pm

I am strongly urging my children to leave Canada. Go where you’re treated best with less tax and more opportunity.

#109 Bob in Hamilton on 08.25.21 at 5:02 pm

T2 is a survivor. He has made poor personal decisions (that would have destroyed other men) his whole life and yet survived to become PM.

He’ll promise the world in the next four weeks in order to skim enough voters in key areas…he’ll survive because he has that quality most mere mortals do not…luck.

T2 majority…175 seats.

#110 Ponzius Pilatus on 08.25.21 at 5:05 pm

#100 The West on 08.25.21 at 4:34 pm
Was with clients today, they fled Venezuela in 2006 when things were getting “bad”.

LOL – they told me to put the word out that they would personally pay for a one way ticket to Venezuela to anyone who wanted to go live in a socialist utopia – to see how awesome life is.

If anybody is interested let me know.
————–
Say Hello to Sailo from the gang at the Greater Fool steering section.

#111 baloney Sandwitch on 08.25.21 at 5:11 pm

Lunatics have taken over the asylum. I will have to hold my nose and vote con. (Even though a realtor is their candidate in my riding).

#112 Don Guillermo on 08.25.21 at 5:11 pm

#24 Ponzius Pilatus on 08.25.21 at 1:34 pm
#178 crowdedelevatorfartz on 08.25.21 at 10:16 am
Gee whiz.
The Prime Minister’s gonna have to come up with some good “spin” to “splain the unfolding “evacuation” disaster that is the Afghanistan mission….
All about to unfold in less than a week.
“20,000 will be evacuated…”
Try, maybe 2000.
I wonder which Canadian General they’ll hang from a pole to throw stones at when, it’s their own politically correct bureaucrats that are to blame
————————
Germany and Britain are all well behind.
How many Talibans do you want to come to Canada?
Lax vetting is perfect for them to send some “sleepers”.
When your neighbour walks around with a suicide vest, don’t shake his hand
*********************************
T2 should hire Taliban Ponzie as his chief strategist. Spinning the “do nothing deer in the headlights look” into a strategic plan. That’s priceless! Even Buttz couldn’t come up with something that clever.

#113 Sail Away on 08.25.21 at 5:16 pm

#95 George S on 08.25.21 at 4:19 pm

All the fuss about being in a “higher tax bracket” I would love to be in the highest possible tax bracket. Think about it.

——-

High taxes kill productivity of society’s most valuable.

For many in the highest tax bracket, working for salary is optional and they are further disincentivized since the majority of their earnings, if they were to work, would go to the government.

Easier to be an idler than be productive, you see?

#114 IHCTD9 on 08.25.21 at 5:17 pm

#96 Indigirl on 08.25.21 at 4:24 pm
Sigh. The people who actually need help won’t get it, but the rich (who get money from mom and dad) get richer. I find this all quite disheartening.
——-

Welcome to Trudeauland. He’s got next to nothing done in the last six years, but making rich folks even richer has been a resounding exception to the rule.

I’ve watch Canada go off the rails for 20 years. Slowly at first, but an utter train wreck since 2015. Then came the end of the line in 2020.

Now, if Trudeau gets in again, I don’t even know what to call it – because the “Canadian Express” is already laying there in the ravine, engulfed in flames.

#115 The Canadian Taliban Govt minister on 08.25.21 at 5:24 pm

SHOCK: Trudeau’s Minister for Women and Gender Equality refers to the Taliban as “our brothers”..

https://twitter.com/i/status/1430542612654608393

TRUDEAU’S Canadian govt officials are brothers with Talibans’…loool

#116 mike from mtl on 08.25.21 at 5:24 pm

Not much to add apart from hardly surprising. They took the politically easy option of pumping demand.

Obviously to be actually ‘affordable’ prices need to drop 50% – nobody wants really that. The great three decade RE bull run sure has room to grow.

#117 Ponzius Pilatus on 08.25.21 at 5:29 pm

#42 NDP, Liberals, Trudeau etc. thinks they are all Santa Clause on 08.25.21 at 2:18 pm
—————–
Yep.
But you can also count in O’Toole.
He’s in a giving mood, too.
And he looks like the Jolly Old Fella.

#118 DRESS UP WEDNESDAY on 08.25.21 at 5:30 pm

Look who’s all dressed up, ready to build all those housing units!

https://nationalpost.com/opinion/carson-jerema-trudeaus-housing-plan-is-incoherent-and-embarrassing

What a photo!

Just look at those rolled up sleeves!

Says “I’M READY TO BUILD!” …more debt.

#119 BlogDog123 on 08.25.21 at 5:34 pm

My insanely unpopular schemes to increase housing supply. That’s the real problem as the voters don’t want their house prices to be lower each year,… the current owner only wants the price going up:

1. Encourage old fogeys / empty nesters to leave their homes. Whether it’s a capital gains tax, empty nest tax or whatever tax. Sell within the next two years or else… Lots o’ homes on the market. Tonnes of homes and lower prices will result.

2. Property taxes rise higher and higher the older you get. Old geezers with mostly empty homes decide it’s cheaper to rent for their final years.

Of course these will never fly, but they get that 4 bedroom house with the old lady living there to “move along” so a young family can move it and make use of that property fully.

#120 DRESS UP WEDNESDAY on 08.25.21 at 5:35 pm

Gotta say, it is quite poetic for Justin to be wearing a….

RED tie to indicate his Liberal ties

and

ORANGE safety vest, that has been underpinning him for so long.

Was there no RED safety vest available? They do make them in RED, stop your bus on the way to the photo shoot at Canadian Tire Justin.

https://nationalpost.com/opinion/carson-jerema-trudeaus-housing-plan-is-incoherent-and-embarrassing

#121 Ponzius Pilatus on 08.25.21 at 5:35 pm

#114 The Canadian Taliban Govt minister on 08.25.21 at 5:24 pm
SHOCK: Trudeau’s Minister for Women and Gender Equality refers to the Taliban as “our brothers”..

https://twitter.com/i/status/1430542612654608393

TRUDEAU’S Canadian govt officials are brothers with Talibans’…loool
—————–
What’s wrong with that?
Donny G. and CEF want to bring in more of them, and as fast a possible.

That comment is beneath you. Afghan residents do not = Taliban. They are fleeing for their lives. – Garth

#122 Well Travelled on 08.25.21 at 5:42 pm

As I asked the other day, is there any possible way, under any scenario you can imagine, that O’Toole would not be a better PM than Trudeau. To me, the choice is easy.

#123 April-30 on 08.25.21 at 5:46 pm

George S, I agree completely with you. I have been preparing all my own and family member’s income taxes since 2007 and follow income tax rules, forms, laws etc. since 1996. Most Canadians have no clue about April-30 and income tax time plus how taxes work. I personally believe it is done by design to make it complicated so most will be discouraged about the taxes they paid and how the whole process works.

I have seen many changes but what I would think is a great idea is every taxpayer in Canada should get an annual simple report from the CRA that outlines all the taxes paid from all sources and all the benefits paid from all sources.

There should be a contribution and entitlements summary showing how much you have contributed to Canada and how much you have received from Canada. People must understand that there is nothing free in life and if they are economically contributing to our great country Canada.

#124 Trudeau Needs To Go on 08.25.21 at 5:50 pm

I am dumbfounded the stupidity of the Liberals on this file. To say nothing of the rampant ageism on the housing TFSA (or whatever the hell it is), it’s a massive bribe. This guy needs to go. Tell me what’s the antithetical to Trudeau and I’ll vote for him/her/them.

#125 NSNG on 08.25.21 at 5:52 pm

It is clear bankers are advising on housing policy.

These policies serve to drive more into debt-slavery. They will fill the coffers of the bankers and give them more billions in quarterly profits at the expense of average Canadians.

The Liberals are the political arm of the banking industry and they have no shame or intention of changing. The other parties are little better and that’s only because they are not in power.

What a pathetic, debt-beholden country.

We have so much potential and could be doing so much better but for the corrupt banks.

Wrong target. The banks are anything but corrupt. Nobody forces people to borrow. – Garth

#126 Don Guillermo on 08.25.21 at 5:54 pm

#108 Bob in Hamilton on 08.25.21 at 5:02 pm
T2 is a survivor. He has made poor personal decisions (that would have destroyed other men) his whole life and yet survived to become PM.

He’ll promise the world in the next four weeks in order to skim enough voters in key areas…he’ll survive because he has that quality most mere mortals do not…luck.

T2 majority…175 seats
*****************************************
It has nothing to do with being a survivor or luck. It’s abuse of a privileged birth at its worst. Prince Charles could learn a thing or two from him.

#127 NSNG on 08.25.21 at 6:00 pm

Garth,

I think you need to drop a guest column in the NP.

The country needs you.

#128 Heather on 08.25.21 at 6:00 pm

Well, maybe Trudeau won’t win.

#129 Shirl Clarts on 08.25.21 at 6:07 pm

Why is Amanda Alvero (Pomp and Circumstance) getting paid by taxpayers to be on Power and Politics (right now) while at the same time, working with the Liberals on their campaign? She’s shamelessly pushing the Liberal agenda. She disclosed it at the start of the interview, but does that make it right?

Does anyone else see this obvious conflict of interest? Anyone? Other than Don G?

#130 Ponzius Pilatus on 08.25.21 at 6:10 pm

#120 Ponzius Pilatus on 08.25.21 at 5:35 pm
#114 The Canadian Taliban Govt minister on 08.25.21 at 5:24 pm
SHOCK: Trudeau’s Minister for Women and Gender Equality refers to the Taliban as “our brothers”..

https://twitter.com/i/status/1430542612654608393

TRUDEAU’S Canadian govt officials are brothers with Talibans’…loool
—————–
What’s wrong with that?
Donny G. and CEF want to bring in more of them, and as fast a possible.

That comment is beneath you. Afghan residents do not = Taliban. They are fleeing for their lives. – Garth
———–
Of course, they are not.
But some posters here want the Government to short cut the process.
If only one Taliban makes it past the checks, and causes Canadian or American casualties, we’ll never hear the end of it.
I said it before, and it may sound harsh, but a lot of Afghans where pretty naive to believe all the promises of the Allies.
And further more, the Allies most likely extracted mostly the “valuable” (as per Sailo), and leaving the country without Doctors and scientists, and so their misery will continue.
The same thing happened in Germany after WWII.

Just apologize. It’s faster and more honest. – Garth

#131 Concerned Citizen on 08.25.21 at 6:19 pm

#105 AM in MN on 08.25.21 at 4:54 pm

If you voted Liberal you are not center right on fiscal issues, or they simply don’t matter to you. Doubling your energy costs and killing the industrial economy are not “center right” positions.

*****

Remember the days of Paul Martin and John Manley? Where are the centre right fiscal people that actually know how the real world works in today’s Liberal party?

As for the carbon tax, I’ll disagree with you there. A carbon tax is the most economically efficient way of dealing with the problem. It’s a textbook Pigovian tax, and made much more tolerable by the carbon dividend that leaves most people better off.

BTW, I wouldn’t worry about the rich doing well in this socialized paradise. Between bubble home prices and bubble stock markets, the central bankers have outdone themselves in heaping windfall gains on the already rich. Yes government is throwing out crumbs here and there to the peons, but the amounts pale in comparison to how the wealthy are doing. It’s the ultimate K-shape recovery, by design if not intent.

I would venture to say the average Canadian doesn’t want more government handouts to help make life more affordable. What they want is for government – including central bankers – to stop making life so unaffordable in the first place. Treat the cause, not the symptoms.

#132 Ponzius Pilatus on 08.25.21 at 6:21 pm

And furthermore, of course it was stupid of JT to say that Canada will evacuate 20,000, without consulting with the Military and Foreign office.
My motto is always: Under- promise and over-
deliver.
But people must remember, that Biden was calling the shots, and at the last G7 meeting JT and the other allies asked for extension of the deadline of Aug. 31.
Biden refused.
Lots of blame to go around.

Canada never said it would evacuate 20,000. Our commitment was to accept 20,0000 Afghan refugees, most of whom were previously approved. You should stop digging your hole now. – Garth

#133 Sail Away on 08.25.21 at 6:22 pm

#100 The West on 08.25.21 at 4:34 pm
Was with clients today, they fled Venezuela in 2006 when things were getting “bad”.

LOL – they told me to put the word out that they would personally pay for a one way ticket to Venezuela to anyone who wanted to go live in a socialist utopia – to see how awesome life is.

If anybody is interested let me know.

——–

Oh baby! Yes, you bet I’m interested. Let’s aim for mid-January when the weather here craps out. A couple months with the fam in beautiful weather will be fantastic. Haven’t been to a real pig roast in way too long.

I’ll buy my own ticket back.

#134 Catalina on 08.25.21 at 6:25 pm

So Garth, are REIT’s going to drop 25%+ in price as Trudeau makes it harder for them to be profit making enterprises.

During the Pandemic, some REIT’s dropped as much as 35% to 40%. Are we going to see this again and stick.

#135 Wrk.dover on 08.25.21 at 6:29 pm

Back in 1981, people weren’t building enough new homes, so the fed took the tax off insulation for new builds and NS took off the provincial sales tax on the first 15 grand for materials or something like that.

23% interest be damned, I built, and lo and behold a 25 year open mortgage program for peeps earning under 40k household income appeared at 11% on lock at end of the day I poured the footings!

Notice the low income requirement ?

It’s different this time.

M68NS

#136 DON on 08.25.21 at 6:33 pm

#185 Howard on 08.25.21 at 11:45 am
#170 Phylis on 08.25.21 at 8:25 am
#181 DON on 08.25.21 at 10:44 am

Yes I’m well aware of the 90s recession, which is why I mentioned the strong job market AFTER 1992. Unemployment fell precipitously through the decade. The tech bust was concentrated in one industry. Interest rates, though high by today’s standards, were a very reasonable 5% with fluctuations.

I’m sure there were hardships but come on. Most Gen Xers were university-aged or younger (some still in elementary school) during the early 90s recession. And to say that housing in the 90s was “lower” is a bit of an understatement, don’t you think? It was dirt cheap, for both owners and renters, and remained that way for a good 10-15 years so it’s not like you only had a short window to get in.

*************
My apologizes for ‘the what the hell comment’.

Allow me to explain the conditions and sentiment in the 90s that I witnessed.

Housing was still coming down from previous highs. People were spooked off housing and credit was not pentiful. People still saved to buy and credit cards were not in abundance. The lasting cascading effect from a housing bubble that burst was still being dealt with.

Jobs…Boomers were no where near retirement and entry level jobs were not abundant and lots of competition as the Boomer cohort went through the first round of downsizing in the 80s. Sentiment sucked for most of the 90s until Y2k was in sight.

For the bank to lend my friend credit to buy a $160
K he had to have a good paying job for at least 5 years. Didn’t matter much if he had a co-signer or not. To provide some perspective my sis who finished school could not readily get a full time permanent job as Registerd Nurse (BSc). Fast forward till the early 2000s and the jobs in her field were pentiful.

My millen brother and sister could quit a job in the mid 2000s and scoup up another in days.

No whinning it is just the way it was and every generation experiences their own downturn. Best to make hay while the sun shines.

#137 Cheese on 08.25.21 at 6:33 pm

Turned 40 last month, never had a house, never could afford to, I make 34k/yr as a single person.

If this passes, I will stop paying my taxes, car insurance, anything to the government, they can come to try and stop me if they wish, one of us wont survive.

#138 Under the radar on 08.25.21 at 6:41 pm

Up she goes …. tax payer funded down payments for those under 40 – More Condo’s , more million dollar cookie cutter semis and towns surrounded by gas stations and Walmart’s that swallow the green belt . So glad I’m far away from this .

#139 cuke and tomato picker on 08.25.21 at 6:45 pm

I met a young man today at the launching dock in Sidney B.C. he came to Canada when he was 10 from Russia with his mother. He currently works for B.C. ferries. Prior to this he was a commercial fisherman at various places all over the world he is overjoyed to be living in Canada and especially on south Vancouver Island. The information
he gets from his relatives in Russia is not pretty.

#140 Don Guillermo on 08.25.21 at 6:46 pm

#132 Sail Away on 08.25.21 at 6:22 pm
#100 The West on 08.25.21 at 4:34 pm
Was with clients today, they fled Venezuela in 2006 when things were getting “bad”.

LOL – they told me to put the word out that they would personally pay for a one way ticket to Venezuela to anyone who wanted to go live in a socialist utopia – to see how awesome life is.

If anybody is interested let me know.

——–

Oh baby! Yes, you bet I’m interested. Let’s aim for mid-January when the weather here craps out. A couple months with the fam in beautiful weather will be fantastic. Haven’t been to a real pig roast in way too long.

I’ll buy my own ticket back.
*************************************
No one can chill down a cooler full of beer better than Venes. Ice cold Polar at its finest.

#141 Dragonfly 58 on 08.25.21 at 6:48 pm

It’s not just building the homes although that’s a start. A much larger problem , and I might add tax payer expense is all the infrastructure necessary to support Canada’s population. Everything from water supply to sewage treatment and transportation. It’s not just housing that hasn’t kept up with rising numbers of people , it’s almost everything.

#142 Sail Away on 08.25.21 at 6:52 pm

#113 IHCTD9 on 08.25.21 at 5:17 pm

Welcome to Trudeauland. He’s got next to nothing done in the last six years, but making rich folks even richer has been a resounding exception to the rule.

——–

Yep. The dumb rich kid who never earned his own money always gets fleeced.

#143 Bytor the Snow Dog on 08.25.21 at 7:05 pm

@103 Adam-

It is not politically possible for the Cons to get a minority govt. No other party would support them.

The possibilities, in no particular order, are:

CON Majority
Lib Majority
Lib Minority
NDP Minority

Nothing else will happen.

#144 the Jaguar on 08.25.21 at 7:15 pm

Reading through Garth’s comments about the latest flotsam jetsam from the Liberal Party. It’s criminal, really. I can only wonder what people like Paul Martin and Jean Chretien are thinking as they watch it all unfold. My conservative leanings are obvious, but that’s all about the fiscal responsibility. It’s in the DNA of my tribe. But socially I am liberal in my views, though hypocrisy won’t be tolerated which is running amok everywhere one looks.

I’m going to stick with my prediction for a Conservative victory. I think a majority is entirely possible. The usual suspects will deliver. Alberta, Saskatchewan, BC interior, and some parts of the east coast. But the real whip will come down from Quebec.

They know bullsh_t when they see and hear it, and they don’t play anybody else’s game. The possibility of treachery remains with the lower mainland. Unpredictable as always, but this business of shutting the door on foreign buyers may enrage some. With just a few weeks to go and the tide rising against the Libs it seems likely a new scandal will break.

#145 Mark on 08.25.21 at 7:19 pm

Nobody is talking about the 5 million mail in ballots Trudeau Liberals have created this election. I don’t trust this for an accurate election. I already heard the votes will not be all counted by election night.

Groundless. – Garth

#146 IHCTD9 on 08.25.21 at 7:30 pm

#6 Bubble Boy on 08.25.21 at 12:21 pm
There was a Bubble Boy song for yesterday’s post, and there is a B-Boy song for todays too!

I give you Canada’s own K-OS with B-Boy Stance.

https://www.youtube.com/watch?v=Yd3AV4Cexf0

Killer track. PUMP IT through the PA system Garth!
———-

That was great! I’ll have to check out more of his stuff, the dancers really stole the show on that vid.

#147 Gena on 08.25.21 at 7:31 pm

I wonder if there will be a spousal TFFHSA haha

#148 45north on 08.25.21 at 7:32 pm

To be clear, nobody in society gets a deal like this today. Nobody.

My children are over 40. They’re not going to be happy buying a house for those under 40. Sounds like a reason not to vote for Trudeau.

#149 Sail Away on 08.25.21 at 7:37 pm

#95 George S on 08.25.21 at 4:19 pm

All the fuss about being in a “higher tax bracket” I would love to be in the highest possible tax bracket. Think about it.

———

George, a bit more info on the effect of higher taxes on the high earners, from today’s Financial Post:

“Another example of the progressive agenda at work: the Liberals’ tax hike on top income-earners in 2016. A study from the C.D. Howe Institute found that taxpayers responded to the increase by significantly reducing their taxable incomes, so that in its first year, the tax hike yielded only $1.2 billion in revenues for the federal government, while costing provincial treasuries $1.3 billion — for a net government revenue loss. So the effect of the policy was to discourage investment and effort among the country’s most productive workers while worsening government finances.”

Again: ” the effect of the policy was to discourage investment and effort among the country’s most productive workers while worsening government finances.”

#150 Guillaume on 08.25.21 at 7:50 pm

Why 40 yo and not first time purchase ? It seems very arbitrary. As a 42 yo renter I cannot access this program.

#151 F Cook on 08.25.21 at 7:50 pm

I think it’s genius. To the house-horny, naive moisters, you promise some convoluted tax-free scheme to “help” them get on the property ladder. Help is in quotes because that 40k is their own money. Ottawa is just giving them a tax break on 40k, which at their tax bracket, is probably just a few grand. Plus cap gains are taxed at 50% less so CRA ain’t missing out on much here. The seasoned “haves” see right through the veil and understand that the scheme will only goose the value of the five income properties they already own. BAM! You get votes from two major cohorts! Genius I tell ya, genius.

#152 JP on 08.25.21 at 7:58 pm

These absurd proposed home buying policies will also adversely impact renters. Higher house prices equals higher rent, generally speaking.

#153 Mean Gene on 08.25.21 at 8:00 pm

Hmmm is offering the under 40 crowd this deal age discrimination under the Canadian Charter of Rights?

Since the same group can’t save Jack $hit, I guess the parents give them the dough and get the tax refund or let the demonic spawn keep it.

#154 Millennial Realist on 08.25.21 at 8:01 pm

Generational change is coming at full speed.

Be part of the change.

Or be run over by it.

Do the Boomers get it now?

#155 DON on 08.25.21 at 8:04 pm

If this materializes is the question? A lib majority looks unlikely at this point but there is still time left for the bedazzling.

If a minority, only some promises need to be honoured. Politics at our expense. At least in a minority gov democracy seems better served in our current situation.

Force people to work together.

#156 Faron on 08.25.21 at 8:07 pm

#145 IHCTD9 on 08.25.21 at 7:30 pm
#6 Bubble Boy on 08.25.21 at 12:21 pm
There was a Bubble Boy song for yesterday’s post, and there is a B-Boy song for todays too!

I give you Canada’s own K-OS with B-Boy Stance.

https://www.youtube.com/watch?v=Yd3AV4Cexf0

Killer track. PUMP IT through the PA system Garth!
———-

That was great! I’ll have to check out more of his stuff, the dancers really stole the show on that vid.

Second that. I was thinking about the other b-boys out of NYC, but happy to see some new-to-me (not hard, my depth of knowledge in hip-hop is limited) new school Canadian hip hop.

#157 Sara on 08.25.21 at 8:13 pm

#62 Bob

” Their goal isn’t to make houses affordable at all. Nor is it to “help” first time home buyers. The goal is to preserve or increase valuations. To do that, they need to keep to ponzi scheme going by feeding it a constant flow of new buyers willing to pay ever more for “entry level” properties. Their proposals make a lot more sense when viewed in that light.”

I was going to comment similarly.

#158 Pig Roast Guy on 08.25.21 at 8:20 pm

#132 Sail Away

I imagine the pig roasts in Venezuela are similar to those in Colombia, where they lay the dead pig on the street and then blowtorch it to get all the hair off, leaving an outline of the poor porker on the pavement?

#159 KLNR on 08.25.21 at 8:21 pm

@#126 NSNG on 08.25.21 at 6:00 pm
Garth,

I think you need to drop a guest column in the NP.

The country needs you.

Why drop it in the NP? Thats just an echo chamber.
message needs to reach a different crowd.

#160 Faron on 08.25.21 at 8:21 pm

COVID continues to decelerate in the US. Enough of a slow down to spur taper talk? All eyes on Mr. Powell on Friday.

Regarding the election and Trudeau’s responsibility for housing prices. Given that the RE boom is ripping through all westernized nations, it seems like a stretch to lay it all at Trudeau’s feet. When rates are low, people are going to borrow. I think RE is like the economy as a whole, it always gets pinned on the person in power, but is a function of slower moving elements. Trudeau isn’t blameless of course. There are plenty of ideas out there to curtail rampant home price increases. Would they work? Distort the market even further?

#161 Don Guillermo on 08.25.21 at 8:33 pm

#194 Linley on 08.25.21 at 3:48 pm
Okay so who the heck should we vote for? I am at a loss…
****************************************
O’Toole without a doubt. He may not be as charismatic as some would like. He has certainly shifted left on the economy more than most fiscally responsible Canadians would like (sadly most Canadians aren’t fiscally responsible) but at least he has a strong team and can stop the bleeding that has been going on for the last 6 years.

#162 Dave on 08.25.21 at 8:37 pm

RBC – record profit….virus manageable

THEN INCREASE INTEREST RATES…STOP KILLING MIDDLE CLASS

#163 When Will They Raise Rates? on 08.25.21 at 8:39 pm

#124 NSNG on 08.25.21 at 5:52 pm

It is clear bankers are advising on housing policy.

These policies serve to drive more into debt-slavery. They will fill the coffers of the bankers and give them more billions in quarterly profits at the expense of average Canadians.

The Liberals are the political arm of the banking industry and they have no shame or intention of changing. The other parties are little better and that’s only because they are not in power.

What a pathetic, debt-beholden country.

We have so much potential and could be doing so much better but for the corrupt banks.

Wrong target. The banks are anything but corrupt. Nobody forces people to borrow. – Garth

———————

Anything but corrupt – that is, if you ignore rigging LIBOR, silver and gold markets, front running, and other crimes for which they’ve been convicted and given meager fines (cost of doing business)…

None of that involved our banks. Ask Mr. Google. – Garth

#164 Chris on 08.25.21 at 8:40 pm

Mark, if we do not get a complete, finished vote count like other elections in Canada then I will be suspicious. Until then, we will see what happens.

#165 The West on 08.25.21 at 8:56 pm

Do you take brie with your champagne?

I’m sure the locals would love to meet you…..

;)

#166 NSNG on 08.25.21 at 9:04 pm

#158 KLNR on 08.25.21 at 8:21 pm

@#126 NSNG on 08.25.21 at 6:00 pm
Garth,

I think you need to drop a guest column in the NP.

The country needs you.

Why drop it in the NP? Thats just an echo chamber.
message needs to reach a different crowd.

The message needs to be spread far and wide on the internet. The echo chamber will do that if the message strikes a chord.

There is no point in sending it to leftist news sites. They probably won’t even post it and I’m pretty sure the crowd won’t be very receptive at all.

If people are still leaning left at this point in favour of Trudeau, I’m not sure there is much hope for them until their cognitive dissonance is broken. It would be better to give the ground troops ammo for the argument and let them do their work. This is about inspiring people.

I might agree that maybe he could try the G&M but the last time I read that they were pretty lost in the leftist wilderness. I haven’t been back in a while. The CBC would be a total waste of time and energy IMO.

#167 Steven Rowlandson on 08.25.21 at 9:05 pm

When you are getting zero to 2000 hours a year at the preferred maximum wage which is minimum wage how the hell are you going to get $40,000 to invest plus additional contributions let alone pay ones other expenses? The public and private sector really have no answers and no solutions except to cap hours and wages and inflate home prices and rents and that is no solution at all. It is the problem. This isn’t the mid to late 1960s anymore.

#168 Shawna on 08.25.21 at 9:06 pm

JP, I am glad you mentioned this. I have noticed this as I have rented all my life since I was on my own at 20. I am now 34 and lived all my life in Canada.

My rent went from $650 a month in 2007 to now $1,300 a month in 2021. I always had to pay extra for my own utilities as I have always rented in a house. I have been able to keep up with this 5%+ annual increase in paying my rent which doubled my rent payments in 14 years. My utilities have also more than doubled. My utilities are currently $175 a month.

I have always been cautious with my money. I have a modest wage, full time worker making $49,000 a year currently working 48 hours a week 6 days a week. I do get 2 weeks off a year spit every 3 weeks. I have always worked full-time and saved alot of my income as I have seen with my parents renting all their lives, rent always has gone up every year no matter what.

I would say I am not lucky but prudent and smart to plan ahead. I have managed to accumulate $435,000 in RRSP’s, TFSA’s, regular investment accounts. I reinvested every year my RRSP tax refund and always bought 25% in GIC’s, 50% in bank stocks, 25% strip bonds. I have all my money counted for monthly on spreadsheets for the last 14 years. My modest 6.135% annual return since 14 years ago helped my slow and steady money investing, saving approach.

I will never buy a house but I have now a good financial cushion to make sure I can pay my rent and all my bills. I am debt free all my life and that is great too.

#169 Handel McLean on 08.25.21 at 9:28 pm

Garth, what does this mean for couples in their late 30s who have loaded TFSAs, loaded RRSPs, DBs, and a large non-registered joint account and who have never purchased a home before and they live in the prairies where real-estate isn’t too expensive?

#170 Terry on 08.25.21 at 9:33 pm

Millennial Realist, the only real change coming is more poverty for Canadians if these higher taxes and higher inflation keep going.

You really think a higher minimum wage, more welfare, government benefits, government jobs, a national UBi or guaranteed annual income, support income programs, more government and partner policy makers like the Bank of Canada interference crowding out small, medium size businesses is going to help most Canadians. It is making it much tougher for most Canadians.

The only thing that will make more people better off not more equal is that is the dumbest thing I ever heard them saying using over and over is more opportunity for everyone. We all know the left, socialists, global lobby groups and many other NGO’s, organizations are all mostly there too create more programs and dependency of people so they get all the power and to use all the money first and let all others left holding the bad with devalued, highly taxed money.

#171 A01 on 08.25.21 at 9:37 pm

Sorry for those 40 and over, I guess Trudeau doesn’t think the charter of Rights and Freedom apply anymore. I guess none of you are first time buyers. Maybe if you identify as younger you’ll be able to get it.

Charter of Rights
Provision. 15. (1) Every individual is equal before and under the law and has the right to the equal protection and equal benefit of the law without discrimination and, in particular, without discrimination based on race, national or ethnic origin, colour, religion, sex, age or mental or physical disability

#172 June on 08.25.21 at 9:45 pm

What about the higher GST/HST that Trudeau, Freeland Liberals are going to do. Let us assume a 16% GST/HST on homes worth $900,000 so now $27,000 more. You then have alot of closing costs that would probably add another $1,000 on top of this. So we are looking at $28,000 more for the house purchase.

Probably by the time someone wants to do take part in this $40,000 scheme, the housing prices will be $40,000, $50,000, $60,000 etc. higher anyway. I don’t think after all the tax hikes and inflation due to Trudeau’s, Freeland’s Liberals economic policies coming for many Canadians that the $40,000 is going to help them.

I learned one thing with Liberals, they give you $1 today and later they take back $3 or $4.

#173 VladTor on 08.25.21 at 9:53 pm

…this plan will allow Canadians under 40 to save up to $40,000 towards their first home

**************

Under 40 only – this is harassment by age.

It will be easily challenged in the constitutional court, especially since they going to use taxpayers money all ages Canadians.

Theft of taxpayers’ money on an especially large scale.
Court…. prison.

But… under 40’s will be happy and will voting for T2.

One more ideas from T2 like this and he win with a bang. Too many financial uneducated millennials who is ready to be a slave .

Garth, reading this I hesitating… may be instead voting for PPC Max Bernie will be better to vote for T2. Canada sharply need in Big Bang and big economy crash b’s after that will be chance return everything to normal and healthy economy.

#174 IHCTD9 on 08.25.21 at 10:03 pm

Seems like a perfect song for election time:

https://www.youtube.com/watch?v=E5RDEXpc8OY

#175 Capt. Serious on 08.25.21 at 10:08 pm

OMG this is pure idiocy. I can’t vote for for such stupidity. But you have to admit his people have figured out it’s the Mills that will keep him in power and they are unashamedly pandering to them. They might be idiots but they sure know the number one job of a politician is getting elected and number two is staying elected.

#176 Drill Baby Drill on 08.25.21 at 10:11 pm

Justin is beyond desperate.

#177 canuck on 08.25.21 at 10:29 pm

I’m going to vote for a party that isn’t trying to buy votes by promising home ownership. Now who could that be… and no, I don’t live in Keybeck.

#178 KLNR on 08.25.21 at 10:40 pm

@#165 NSNG on 08.25.21 at 9:04 pm
#158 KLNR on 08.25.21 at 8:21 pm

@#126 NSNG on 08.25.21 at 6:00 pm
Garth,

I think you need to drop a guest column in the NP.

The country needs you.

Why drop it in the NP? Thats just an echo chamber.
message needs to reach a different crowd.

The message needs to be spread far and wide on the internet. The echo chamber will do that if the message strikes a chord.

There is no point in sending it to leftist news sites. They probably won’t even post it and I’m pretty sure the crowd won’t be very receptive at all.

If people are still leaning left at this point in favour of Trudeau, I’m not sure there is much hope for them until their cognitive dissonance is broken. It would be better to give the ground troops ammo for the argument and let them do their work. This is about inspiring people.

I might agree that maybe he could try the G&M but the last time I read that they were pretty lost in the leftist wilderness. I haven’t been back in a while. The CBC would be a total waste of time and energy IMO.

well, if all you want is some rally the troops nonsense then Garth’s own blog is as good a pulpit as there is.
always a good laugh when some folks think the G&M is leftist. Narratives eh.

#179 IHCTD9 on 08.25.21 at 10:40 pm

#153 Millennial Realist on 08.25.21 at 8:01 pm

Do the Boomers get it now?
——-

Get what?

You mean another massive surge in their home values?

It’s sure looking like it.

#180 crowdedelevatorfartz on 08.25.21 at 11:05 pm

@#153 Millennial Surrealist
“Generational change is coming at full speed.
Be part of the change.
Or be run over by it.
Do the Boomers get it now?”

+++

Nah.
We’ll “get it” when the “kidults” step up and actually have sound, viable, rational….ideas .

#181 kc on 08.25.21 at 11:31 pm

Trudeau was run out of town today…. LOL

https://brightlightnews.com/breaking-trudeau-chased-out-of-neighbourhood-by-angry-crowd/?fbclid=IwAR1NSt_5yGsHWZH_ms1qGgcmrve_E-BmflcFSg_pcgogwHLtnhvQFrpoK6M

#182 Sail Away on 08.26.21 at 12:10 am

#158 Pig Roast Guy on 08.25.21 at 8:20 pm
#132 Sail Away

I imagine the pig roasts in Venezuela are similar to those in Colombia, where they lay the dead pig on the street and then blowtorch it to get all the hair off, leaving an outline of the poor porker on the pavement?

——–

Sounds sketchy. My Vene cousins hot water scald in a cut-down propane tank, then scrape the hair.

Their pig roaster is a dry stack concrete block, open top, sand-bottom oven. The whole pig (100lb or so) is butterflied and sandwiched between two rebar grills wired together, then placed 2 blocks above the bottom and 1 block below the top. Burning charcoal is placed in each of the four corners- never below the beast until the end and heavy aluminum/tinfoil over everything, sealed to the blocks. The next eight hours are spent religiously tending the four fires, painting on sauce and monitoring oven temp. The pig is flipped halfway through. Here’s where the wired grills are important! At the end, the coals are spread evenly for a final crisping and the feast begins!

Feb 15 Carnaval is the traditional pork feast before Lent. Everyone’s invited. Get your free one-way tickets from The West.

#183 Ronaldo on 08.26.21 at 12:28 am

#172 June on 08.25.21 at 9:45 pm
What about the higher GST/HST that Trudeau, Freeland Liberals are going to do. Let us assume a 16% GST/HST on homes worth $900,000 so now $27,000 more. You then have alot of closing costs that would probably add another $1,000 on top of this. So we are looking at $28,000 more for the house purchase.

Probably by the time someone wants to do take part in this $40,000 scheme, the housing prices will be $40,000, $50,000, $60,000 etc. higher anyway. I don’t think after all the tax hikes and inflation due to Trudeau’s, Freeland’s Liberals economic policies coming for many Canadians that the $40,000 is going to help them.

I learned one thing with Liberals, they give you $1 today and later they take back $3 or $4.
=================================
The beneficiaries of the $40,000 will be (as with all other schemes the gov has come up with) to the sellers of the homes as those will have increased at least that much by the time any of them can take advantage of this scheme. Bring it on.

#184 Ronaldo on 08.26.21 at 12:35 am

#172 June on 08.25.21 at 9:45 pm
What about the higher GST/HST that Trudeau, Freeland Liberals are going to do. Let us assume a 16% GST/HST on homes worth $900,000 so now $27,000 more. You then have alot of closing costs that would probably add another $1,000 on top of this. So we are looking at $28,000 more for the house purchase.

Probably by the time someone wants to do take part in this $40,000 scheme, the housing prices will be $40,000, $50,000, $60,000 etc. higher anyway. I don’t think after all the tax hikes and inflation due to Trudeau’s, Freeland’s Liberals economic policies coming for many Canadians that the $40,000 is going to help them.

I learned one thing with Liberals, they give you $1 today and later they take back $3 or $4.
=================================
The beneficiaries of the $40,000 will be (as with all other schemes the gov has come up with) to the sellers of the homes as those will have increased at least that much by the time any of them can take advantage of this scheme. Bring it on.

#185 Millennial Surrealist on 08.26.21 at 1:03 am

#154 Millennial Realist on 08.25.21 at 8:01 pm
Generational change is coming at full speed.

Be part of the change.

Or be run over by it.

Do the Boomers get it now?
….
T2 is a socialist virtue signaling dancing fool… and he’s tanking bigtime…what’s not to love!!! You had yer shot and blew already.

I’m voting for the younger bald dude….who hasn’t painted his face black.

#186 Chastity on 08.26.21 at 2:24 am

Everybody loves a bubble. Subprime rates makes idiots look genius. Trudeaus latest ” RE TFSA is a giant Ponzi. Dudes, his plan is bunk. At the maximum $80,000 it doesn’t represent a DP and mortgage that anyone can afford….Unless Trudeau keeps rates at Zero forever. How is that going to happen? Answer. Can’t. These are the most expensive votes ever. If vote buying has a Wiki Page it will have Justin’s picture next to it the text. Justin will have to change his name when this blows. I suggest Lehman.

#187 Howard on 08.26.21 at 7:41 am

#181 kc on 08.25.21 at 11:31 pm
Trudeau was run out of town today…. LOL

https://brightlightnews.com/breaking-trudeau-chased-out-of-neighbourhood-by-angry-crowd/?fbclid=IwAR1NSt_5yGsHWZH_ms1qGgcmrve_E-BmflcFSg_pcgogwHLtnhvQFrpoK6M

——————————

The problem is that these kinds of scenes actually HELP him and make him an object of sympathy among the same low-IQ voters who originally put him in office because of his nice hair.

The protesters shouldn’t get too aggressive, it’s counter-productive.

#188 Wrk.dover on 08.26.21 at 7:44 am

#182 Sail Away on 08.26.21 at 12:10 am
___________________________

Here in SWNS on special occasions, we roast the pig much the same but; 160lb gutted beheaded carcass with a steel tube skewer with a crank handle stitched on with wire from end to end utilizing the same chicken wire and foil wrap system though, turn spit 1/2 crank every 30 minutes and most important, down a beer at each turn.

Serve while you can still walk somewhat.

#189 Phylis on 08.26.21 at 7:57 am

Hey Garth, was the tfsa ever part of a platform?

#190 Do we have all the facts on 08.26.21 at 8:07 am

Typically the big banks distribute over 50% of their profits in the form of dividends to their shareholders.

Reducing net profits through the imposition of a 3.0% surtax means that 50% of the $2.5 billion in increased tax revenue will come from Canadians that hold bank shares in their investment portfolios. The other 50% will come from reduced investment in Canada by our financial institutions.

JT seems to believe that large Canadian financial institutions are sending their profits to some mythical oligarch in a foreign land.

By all means encourage financial institutions to invest in the Canadian economy but trying to force bank executives to embrace your series of pork barrel initiatives seems doomed for failure.

In 2020 the Bank of Canada seemed to be favouring financial institutions by ‘blowing’ QE funds their way.

In 2021 the Government of Canada seems intent on ‘sucking’ the potential to invest in growth out these same institutions.

Either financial institutions are key participants in expansion of the Canadian economy or they are fat cats that must be punished. Make up your mind!

Like many of the initiatives promised by our Liberal government the imposition of a 3.0% surtax on institutions that are critical to expansion of the Canadian economy is extremely short-sighted.

I have zero faith that the $2.5 billion raised through the proposed 3.0% surtax will be invested by the Government of Canada to improve the quality of life of all Canadian citizens.

How about you?

#191 Boomer Bill on 08.26.21 at 8:20 am

Happy International Dog Day Duke!

#192 crowdedelevatorfartz on 08.26.21 at 8:23 am

@#181 kc
“Trudeau was run out of town today…. LOL”

++++

The poor PM.

Surrey is a tough crowd.
What do you say to a guy in Surrey wearing a suit?
“Would the defendant please rise.”

#193 Boomer Bill on 08.26.21 at 8:27 am

Happy International Dog Day to all our loving canine friends. Folks, give your dogs and extra hug and treat today for all the love they give us.

https://www.ndtv.com/offbeat/international-dog-day-these-doggy-posts-are-pawsitively-adorable-2285369

#194 mark on 08.26.21 at 8:28 am

“while protecting small independent landlords”

Nothing worse than this mentality, these people are too often undercapitalised, amateur idiots, whose stupidity makes their tenant’s life hell.

#195 crowdedelevatorfartz on 08.26.21 at 8:37 am

@#182 Sail Away

That sounds like a very complicated, expensive pig oven.

Acme Alberta.
Dig a pit about the size, length and depth of a grave.
Build a fire of wood and bbq coals large enough to fill half the “grave” next to the pit.
When coals are white hot, push them in.
Use a small tractor or backhoe to lower a large 300lb pig carcass (clamped between several metal brackets with steel cables to “grab” it when lifting) into the pit at about 8 pm.
Cover the top of the pig with more white hot coals.
Cover the entire pit with unpainted corrugated steel siding.
12 hours later open it , flip it, add more coals if required and repeat).
Place a massive cast iron pot ( 10 gallon) filled with baked beans on the corrugated metal…..
At Noon time lunch for 100 people…..is ready.

#196 Vic on 08.26.21 at 8:42 am

Mr. Turner, may I suggest that you institute a screening app for this comments section?

Any and all millenials should be banned from commenting. They offer nothing to this blog, and nothing to our country, frankly.

#197 crowdedelevatorfartz on 08.26.21 at 8:54 am

One wonders if the Liberal Minister for Women and Gender Equality will still refer to the Taliban as “our Brothers” after Aug 31st when they start rounding up everyone who isnt Muslim for arrest, beatings, and or execution….

For being so “woke”, these politically correct Liberals sure know how to insert size 13 shoes in their mouths.

Not a day goes by when there isnt another Liberal gaff.

Children in charge

#198 KLNR on 08.26.21 at 9:01 am

@#186 Chastity on 08.26.21 at 2:24 am
Everybody loves a bubble. Subprime rates makes idiots look genius. Trudeaus latest ” RE TFSA is a giant Ponzi. Dudes, his plan is bunk. At the maximum $80,000 it doesn’t represent a DP and mortgage that anyone can afford….Unless Trudeau keeps rates at Zero forever.

Trudeau doesn’t keep the rates genius.

#199 Sara on 08.26.21 at 9:29 am

#175 Capt. Serious on 08.25.21 at 10:08 pm
OMG this is pure idiocy. I can’t vote for for such stupidity. But you have to admit his people have figured out it’s the Mills that will keep him in power and they are unashamedly pandering to them.
=============

Not so sure that “the Mills” aren’t on to him. At reddit Canadahousing they don’t seem to like his proposals much. They want cheaper houses. Nothing JT is promising will do much in that regard and many of them know it.

#200 cramar on 08.26.21 at 9:40 am

#121 Ponzius Pilatus on 08.25.21 at 5:35 pm

—–

That comment is beneath you. Afghan residents do not = Taliban. They are fleeing for their lives. – Garth

==========

It was interesting the man they interviewed on the news who arrived in Canada, along with his wife and four children. He must have been a translator for the Canadian military since he spoke really good English and has a degree. He said his priority is to get employment. I thought that if he is typical of the Afghans getting out, he will be a valuable tax-paying member of society. They get a safe country and we get highly educated, motivated people. Win-win!

#201 crowdedelevatorfartz on 08.26.21 at 9:46 am

@#196 Vic
“Any and all millenials should be banned from commenting. ”

+++

Nah.
Where will we get our comic relief?

#202 crowdedelevatorfartz on 08.26.21 at 9:55 am

@#187 Howard
“The protesters shouldn’t get too aggressive, it’s counter-productive.”

+++

Aggressive, angry voters….?
Hell.
It got Trump elected….

#203 Sail Away on 08.26.21 at 9:56 am

#195 crowdedelevatorfartz on 08.26.21 at 8:37 am
@#182 Sail Away

That sounds like a very complicated, expensive pig oven.

———-

Rebar and concrete blocks? Materials seem to just spontaneously appear at their place. Like magic.

#204 Quintilian on 08.26.21 at 9:59 am

#194 mark on 08.26.21 at 8:28 am:

“Nothing worse than this mentality, these people are too often undercapitalised, amateur idiots, whose stupidity makes their tenant’s life hell.”

And they are mostly conservatives. Shame on Trudeau for courting them. I never thought he would stoop this low.

#205 Yukon Elvis on 08.26.21 at 10:21 am

#181 kc on 08.25.21 at 11:31 pm
Trudeau was run out of town today…. LOL

https://brightlightnews.com/breaking-trudeau-chased-out-of-neighbourhood-by-angry-crowd/?fbclid=IwAR1NSt_5yGsHWZH_ms1qGgcmrve_E-BmflcFSg_
++++++++++++
That lifted my spirit this morning. Maybe there is hope for us after all.

#206 IHCTD9 on 08.26.21 at 10:22 am

#182 Sail Away on 08.26.21 at 12:10

Sounds sketchy. My Vene cousins hot water scald in a cut-down propane tank, then scrape the hair.
———

Same way we did chickens. Dunk them in boiling hot water, and the feathers pull right out.

Ms. IH’s maternal grandfather was a butcher, he did ‘em up long pig style over wood, 80-100 lbs.

#207 Ryan on 08.26.21 at 10:35 am

How is this not age discrimination?

And why not just expand the Home Buyer’s Plan and make part of it not have to be repaid instead of coming up with some convoluted new account type?

#208 crowdedelevatorfartz on 08.26.21 at 10:39 am

In 2012 a student purchased a Vancouver mansion for $14.5 million dollars.
Its up for sale and may bring a record price.

https://www.burnabynow.com/real-estate-news/ex-student-aims-for-near-record-vancouver-mansion-deal-4240742

Is the ex-student a dotcom whiz?
An economics major?
Sadly…No.

#209 KLNR on 08.26.21 at 10:49 am

@#196 Vic on 08.26.21 at 8:42 am
Mr. Turner, may I suggest that you institute a screening app for this comments section?

Any and all millenials should be banned from commenting. They offer nothing to this blog, and nothing to our country, frankly.

generalize much vic?
you sound like the boomer equivalent of millennial realist.

#210 Dr V on 08.26.21 at 10:55 am

190 facts – it will be interesting to see how that all works out. From what I read it is an increase in the corp tax rate. These taxes are credited to shareholders who receive after-tax dividends. If that principle is
purely maintained, without a corresponding increase in
personal tax rates, net taxes gained would be zero.

So really, Trudeau is just playing politics. An extra $300M a year from RBC. Not a biggie. I’m sure RBC will find it somewhere.

Now let those divvies rip!

#211 Damifino on 08.26.21 at 11:02 am

#207 Ryan

How is this not age discrimination?

It is.

And why not just expand the Home Buyer’s Plan and make part of it not have to be repaid instead of coming up with some convoluted new account type?

No curb appeal.

#212 crowdedelevatorfartz on 08.26.21 at 11:17 am

@#204 $1 Quintillian Dollars DEEPER in Debt

“And they are mostly conservatives. Shame on Trudeau for courting them. I never thought he would stoop this low.”

+++

Hmmm.
Trudeau would wash the Devil’s cloven hooves if it would get him re-elected….
As for the “mostly conservative Landlords…..Perhaps because most conservatives know how to save money as opposed to the “woke” crowd that bleat and wail , waiting for it to be given to them?

#213 My Body My Choice on 08.26.21 at 11:28 am

#115 – SHOCK: Trudeau’s Minister for Women and Gender Equality refers to the Taliban as “our brothers”..
————————————————————

When she said “our brothers” did she mean her and Justin or a group of Liberal cabinet ministers?

Sometimes, the Liberals accidentally tell the truth.

Adversity is our strength …

#214 Michael in-north-york on 08.26.21 at 11:41 am

#54 Nonplused on 08.25.21 at 2:42 pm
===

Great post; the municipal zoning bylaws is a major contributing factor to the skyrocketing house prices.

Without addressing that bottleneck, any tweaks to the tax rules or mortgage rules won’t improve the overall affordability. T2’s new plan might help some of the under-40 folks get their more expensive houses, but then the next generation will have to deal with even steeper prices.

#215 Russ on 08.26.21 at 11:43 am

IHCTD9 on 08.26.21 at 10:22 am

#182 Sail Away on 08.26.21 at 12:10

Ms. IH’s maternal grandfather was a butcher, he did ‘em up long pig style over wood, 80-100 lbs.

===================

I almost spit up a morning coffee on this comment.

Was Grandpa from Polynesia? Say, New Guinea or Marquesas?

https://www.urbandictionary.com/define.php?term=Long%20pig

Cheers, R

#216 Michael in-north-york on 08.26.21 at 11:48 am

#194 mark on 08.26.21 at 8:28 am

“while protecting small independent landlords”

Nothing worse than this mentality, these people are too often undercapitalised, amateur idiots, whose stupidity makes their tenant’s life hell.
===

That’s about 50% true, judging by my experience when I was young and a renter. Half of small landlords are sensible and win-win type, the other half are nuts.

The problem is, you can’t whack the second half without whacking the first half. If you whack all of them, many will stop accepting tenants at all. That will make the housing situation even worse.

#217 Sara on 08.26.21 at 11:49 am

The noose continues to get tighter.

“Delta Air Lines will charge employees on the company health plan $200 US a month if they fail to get vaccinated against COVID-19, a policy the airline’s top executive says is necessary because the average hospital stay for the virus costs the airline $40,000 US.”

https://www.cbc.ca/news/business/delta-air-lines-1.6152602

#218 Midnights on 08.26.21 at 12:06 pm

Unreal…

Trudeau Deploys Vaccine Mandates as Wedge Issue in Canada’s Election

https://www.wsj.com/articles/trudeau-deploys-vaccine-mandates-as-wedge-issue-in-canadas-election-11629889200

#219 crowdedelevatorfartz on 08.26.21 at 12:13 pm

Could the news get any worse for Trudeau’s promised rescue mission?

https://nationalpost.com/news/we-wished-we-could-have-stayed-longer-canadas-last-military-flight-leaves-kabul-days-before-aug-31-deadline

One wonders who was responsible for the suicide bombers at the Kabul Airport .
“Our Brothers” the Taliban perhaps?

Perhaps the Minister for Women and Gender equality could explain?

#220 IHCTD9 on 08.26.21 at 12:40 pm

#215 Russ on 08.26.21 at 11:43 am
IHCTD9 on 08.26.21 at 10:22 am

#182 Sail Away on 08.26.21 at 12:10

Ms. IH’s maternal grandfather was a butcher, he did ‘em up long pig style over wood, 80-100 lbs.

===================

I almost spit up a morning coffee on this comment.

Was Grandpa from Polynesia? Say, New Guinea or Marquesas?

https://www.urbandictionary.com/define.php?term=Long%20pig

Cheers, R
——-

Uhhh yeah…

In Trudeau’s Canada, where the price on everything is skyrocketing, including food – sometimes you gotta do what you gotta do – to survive.

On second thought, maybe I shouldn’t be joking about this…

#221 NoName on 08.26.21 at 12:54 pm

#203 Sail Away on 08.26.21 at 9:56 am
#195 crowdedelevatorfartz on 08.26.21 at 8:37 am
@#182 Sail Away

That sounds like a very complicated, expensive pig oven.

———-

Rebar and concrete blocks? Materials seem to just spontaneously appear at their place. Like magic.

Funny thing, that dude architeckt frank loyd wrong, usto sent his students to construction sights to obtain materials for some of usonians homes, roomor is.

#222 slava on 08.26.21 at 12:58 pm

Is there any way this is NOT going to be contested in court? There must be some serious reason s to discriminate by age, and I don’t see any here. What about immigrants who are older than 40 and still trying to buy re? They are doubly screwed here.

#223 BillB on 08.26.21 at 1:06 pm

So if I’m 39 years old, I can borrow 40K and stick it into this new TFFHSA. Pay back a chunk of the loan with my tax refund. Then do nothing and get the full amount rolled into my RRSP on my next birthday, where it will grow tax free for 20+ years until retirement?

Meanwhile, my 41-year-old sister gets nothing?

Yeah, what could possibly go wrong?

#224 IHCTD9 on 08.26.21 at 1:17 pm

It’s going to be interesting to see how southern ontario fares in the coming decades. Over 30% of Canada’s entire annual intake of immigrants ends up squashed into the gta, where the average sfd is now sneaking up on 1.8 million, and average individual wages hover around 50-60k. For perspective, it takes a 200k income to buy the average roof in Toronto, and you’ll need to save up a 350k down payment just to dip your toes in the water.

2+ hours away in my camo loving, gun toting backwater, gta escapee hopefuls are buying decent new subdivision houses for 700k, but still working out of the gta. Multi-Gen households with 4-5 income earners packed into these units. Horror stories all over of what these gta expats are enduring all for the sake of RE ownership. How far will they push it? How much will be sacrificed? How low will the quality of life sink on the altar of owning a home? How stupid have Canadians become?

The IH bunker complex analysts say that the GTA sfd prices will exceed those of YVR in time, and only those who got on the ladder 10+ years ago, and the filthy rich, will own. Zero new immigrants or youth will ever buy in going forward – at least until the shtf, or buying 3-4 hours away from your job becomes… uh, acceptable. The gta will consist of a bunch of rent seekers, and a bunch of tax slaves, and that’s about it. It’ll be nothing more than a purgatory for the Canadian dream.

Looking at Trudeau’s ideas, I’ll say it again – he’s hell-bent on making this old stock Canadian fabulously rich. That’s likely not what he’s trying to do – but he’s just too damn stupid to understand how things will play out. Congrats to all my fellow Canucks who own a home, budgeted for a few kids, and are 45+.

#225 The joy of steerage on 08.26.21 at 1:27 pm

Freeland nailing T2 for getting his job on his name… hilarious…

why does she wave her arms all the time.. . rather hectoring and dictatorial….. scary ……

https://twitter.com/Martyupnorth_/status/1430925032469925893

#226 Michael in-north-york on 08.26.21 at 1:53 pm

Re: Minister Monsef’s statement

I am not voting for Trudeau this time. However, let’s not quote that Monsef’s statement out of context.

“I want to take this opportunity to speak to our brothers, the Taliban,” Monsef told a virtual news conference Wednesday. “We call on you to ensure the safe and secure passage of any individual in Afghanistan out of the country.”

When you are talking to hostage-takers during the active crisis, you want to be somewhat diplomatic. Not the best time to inform them of their legal definition.

I don’t see any problem with this particular statement.

#227 KLNR on 08.26.21 at 2:02 pm

@#224 IHCTD9 on 08.26.21 at 1:17 pm
It’s going to be interesting to see how southern ontario fares in the coming decades. Over 30% of Canada’s entire annual intake of immigrants ends up squashed into the gta, where the average sfd is now sneaking up on 1.8 million, and average individual wages hover around 50-60k. For perspective, it takes a 200k income to buy the average roof in Toronto, and you’ll need to save up a 350k down payment just to dip your toes in the water.

2+ hours away in my camo loving, gun toting backwater, gta escapee hopefuls are buying decent new subdivision houses for 700k, but still working out of the gta. Multi-Gen households with 4-5 income earners packed into these units. Horror stories all over of what these gta expats are enduring all for the sake of RE ownership. How far will they push it? How much will be sacrificed? How low will the quality of life sink on the altar of owning a home? How stupid have Canadians become?

The IH bunker complex analysts say that the GTA sfd prices will exceed those of YVR in time, and only those who got on the ladder 10+ years ago, and the filthy rich, will own. Zero new immigrants or youth will ever buy in going forward – at least until the shtf, or buying 3-4 hours away from your job becomes… uh, acceptable. The gta will consist of a bunch of rent seekers, and a bunch of tax slaves, and that’s about it. It’ll be nothing more than a purgatory for the Canadian dream.

Looking at Trudeau’s ideas, I’ll say it again – he’s hell-bent on making this old stock Canadian fabulously rich. That’s likely not what he’s trying to do – but he’s just too damn stupid to understand how things will play out. Congrats to all my fellow Canucks who own a home, budgeted for a few kids, and are 45+.

sadly, rent is skyrocketing in the GTA as well.

Old stock? thought you were a first gen Canuck.

#228 IHCTD9 on 08.26.21 at 2:04 pm

#222 slava on 08.26.21 at 12:58 pm
Is there any way this is NOT going to be contested in court? There must be some serious reason s to discriminate by age, and I don’t see any here. What about immigrants who are older than 40 and still trying to buy re? They are doubly screwed here.
———

No, there will be zero successful legal challenges. This is Canada, so all you can do is not vote for this ******* twit. Any RE-owning hopefuls over 40 who vote for this douchebag will get exactly what they asked for. Zip, and more taxes to boot.

#229 IHCTD9 on 08.26.21 at 2:48 pm

#204 Quintilian on 08.26.21 at 9:59

And they are mostly conservatives. Shame on Trudeau for courting them. I never thought he would stoop this low
———

But you’re still going to vote for him, right homie?

BTW, the biggest re flipping land-lording profiteer I know is a flaming left-wing Trudeau loving Liberal. Just like you. How’s that grab you stumpy? It makes absolutely perfect sense to me.

I’m not surprised Trudeau “stooped that low” at all. Not even a little bit. Stooping low is exactly what I planned for. You’re surprised? How TF could you be? Seriously?

I expect you’ll be disappearing from this blog in the next few years as your million dollar mortgage carrying buddies (as posted by yourself) find their net worth soaring out of control under Trudeau, while your own asset-less @ss sinks under never ending tax increases, social net declines, and moon-shot RE appreciation.

Then comes the realization that you voted for the whole thing. You voted to make your buddies rich. You voted to make ME rich. You voted for your own destruction because your partisan loyalties got stoked by some CBC article trolling for snowflake cannon fodder. You jumped right in front of the muzzle.

Tik-ToK bro, you vote Trudeau, you WILL watch your buddies get rich. You can take that one to the bank. I speak from experience (thanks BTW). Is that not obvious by now? C’mon Man, do you need to be spoon-fed? Do I need to make the airplane noise?

#230 IHCTD9 on 08.26.21 at 3:22 pm

#227 KLNR on 08.26.21 at 2:02 pm

Old stock? thought you were a first gen Canuck.

——

I’m both. Parents came here in ‘52 with my grandparents. I was born here in ‘72. My Grandparents were “Greatest-Gen” immigrants exiting WW2 Europe, and my parents are “Silent Gen”. I’m a 1st born early Gen X, so think more like a boomer given my age and upbringing via my SG parents. At least in my head, I’m totally old stock :).

#231 KLNR on 08.26.21 at 5:06 pm

@#230 IHCTD9 on 08.26.21 at 3:22 pm
#227 KLNR on 08.26.21 at 2:02 pm

Old stock? thought you were a first gen Canuck.

——

I’m both. Parents came here in ‘52 with my grandparents. I was born here in ‘72. My Grandparents were “Greatest-Gen” immigrants exiting WW2 Europe, and my parents are “Silent Gen”. I’m a 1st born early Gen X, so think more like a boomer given my age and upbringing via my SG parents. At least in my head, I’m totally old stock :).

Interesting, similar path for me.
grandparents and mother emigrated to ontario in the early 50’s from germany, born here in ’72.
consider myself a genX to the bone and definitely not an old stock canuck. growing up in rural ontario you needed to be 3-4 generations in for that distinction.
hell, if your great, great, great grandparents weren’t from the town you weren’t considered a local lol.

#232 Chris on 08.27.21 at 6:39 am

Sara, my cousin has worked for delta over 30 years and never had health insurance with them. He self insured with HSA’s and other investment accounts. He has never been to the hospital in 30 years and as a healthy individual takes better care of himself than most health obsessed dog owners.

Let’s talk about all the millions of evictions now that is going to make many homeless now in the US and jobs that will never com back with Biden, Harris Democrats in power. It looks like millions of Americans have much bigger problems now. Maybe all the Liberals can ask a place to live from the UN.

#233 Toni on 08.27.21 at 6:45 am

BillB, no it is worse, your 41 year old sister gets less choices, freedoms and gets to pay more carbon taxes, higher energy prices, higher food prices, higher inflation, higher rent, higher house prices, higher, newer taxes etc. due to Trudeau Liberals and his buddy from the Bank of Canada. Liberals are always costing everyone too much money. They hate logic and math. It restricts them and shows reality.