Trudeau fails to release recordings of speech to home equity tax lobby

Prime Minister Justin Trudeau on June 25 attended a secret meeting in Vancouver with a lobbyist who complained homeowners 'reaped substantial gains in wealth.' Generation Squeeze has advocated more than $3 trillion in taxation targeting home equity.

Trudeau fails to release recordings of speech to home equity tax lobby
The Canadian Press / Sean Kilpatrick
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Prime Minister Justin Trudeau continues to evade Opposition calls to release the recording of his remarks to a home equity tax lobby. 

Trudeau on June 25 attended an hour-long invite-only meeting in Vancouver with a lobbyist who complained homeowners “reaped substantial gains in wealth.” Generation Squeeze for years has advocated more than $3 trillion in taxation targeting home equity, reported Blacklock’s Reporter.

“The Prime Minister’s Office is refusing to give permission to release the full recording of the event,” Conservative MPs said in a statement. “If Trudeau goes through with this tax, the dream of home ownership will slip even further away from Canadians,” they added.

The group hosted a handpicked audience at the University of British Columbia. It was notably absent from Trudeau's official itinerary, and no media coverage was permitted.

The secret meeting follows a confidential Department of Finance poll on resentment against “the rich” before cabinet legislated a capital gains tax hike on real estate profits and on stocks.

Capital gains in excess of $250,000 a year will increase to two-thirds from 50%. Canada has never imposed an equity tax on the sale of homesteads, not including principal residences. 

“There is a growing gap between the rich, who have become richer in recent years, and everyone else,” said the Department of Finance report Pre-Budget Focus Group Research. It found that most did not expect the economy to improve given that “wages have not kept up with inflation.”

Canadians overall complained the economy was terrible, reported Blacklock’s Reporter.

The poll also identified complaints that wealthy Canadians “have become richer” but did not elaborate. Cabinet received the poll results on February 23.

Within days, Deputy Prime Minister Chrystia Freeland, a millionaire herself, began characterizing critics as having “rich friends.” Trudeau also chimed in at the time. 

“The Conservative Party is still the party that lowers taxes for the rich,” Trudeau said February 28. He later claimed that “the Opposition Leader is taking cues from his lobbyist entourage on how to make the rich richer.”

“All they support is austerity and their rich friends,” added Freeland.

Parliament in 1972 abolished inheritance taxes that dated from a 1941 Dominion Succession Duty Act.

The Commons in 2020 by a 292 to 27 vote rejected a New Democrat motion to impose a 1% annual equity tax on assets over $20 million. Cabinet opposed the measure.

“Canadians work hard to save and invest in their homes and their future, and they expect their government to work equally as hard to find solutions they face,” said Conservative MPs. Cabinet “created the housing crisis by failing to build enough homes and now want to place an unfair tax on Canadians,” they said.

According to Five-Year Trends for Canada, many Canadians under 35 are unlikely to ever be able to own a home, a trajectory that is expected to “deteriorate further in the next five years.”

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