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As we head into the homestretch of Canada’s 2025 general election, what is the position of the Liberals on home equity tax?
This is the most important issue that is not on the ballot, nor has it been part of the discussion. But it should be.
“We will never allow a tax on home equity period. Full stop. Not going to happen.”
-Pierre Poilievre, Conservative Party of Canada (April 22, 2025)
It has not been asked or answered during the campaign. There are signs, however, based on the fact that Mark Carney is keeping all of Justin Trudeau’s worst policies and adding more of his own insane policies from a woke, globalist ideology, and the fact the work has ALREADY been completed to create a runway to tax Canadians home equity.
STATE OF THE 2025 CANADIAN ELECTION
The current state of the election campaign is that the Conservative Party of Canada (CPC) leader Pierre Poilievre is battling back with some polls currently having him running neck and neck with the Mark Carney Liberals.
Will it be enough come election Monday?
“It’s time to have a conversation about housing privilege,” says the Liberal stakeholder report paid for with Canadian tax dollars.
On the election trail, the final weekend before election day, Mark Carney was asked about the issue in an indirect, weird, and cover Carney’s butt way when Toronto Star’s Althia Raj asked:
“The Conservative leader … sharpened his attacks. [He] suggests that Liberals don't want people to own a house. They want people foraging for their food, or they believe that the Liberal future means that you will be foraging for food if you win on Monday.”
Raj was likely referring to both home equity tax question that was put to Pierre Poilievre at the Canadian Association of Retired Persons (CARP) event last week and also the bombshell Prime Minister’s Privy Council Office report which surfaced last week that outlines the declining state of the Canadian economy under the Liberals could lead to total deterioration of the Canadian social fabric into a sort of dystopian hellscape where subsistence hunting and foraging illegally on public lands may be necessary for survival.
Carney didn’t seem to know anything about this report. Carney replied, “They're not going to have to forage for food,” he said with a chuckle, as he shared a consensus moment with the Toronto Star reporter, funded by taxpayer paid massive subsidies provided by the Liberal Government. Poilievre should not be taken seriously and was ridiculous for bringing it up as Carney then stumbled through the rest of his word salad reply.
But that is not the case. Both things need to be taken VERY seriously.
Raj did not identify that this was a report for the Prime Minister’s own office that is highlighting the extent of food and housing insecurity, if the Liberal policies continue, which are making food more and more unaffordable. Nor did Raj provide context in her question that many things in the report from the Prime Minister’s office is ALREADY happening.
Within the Government of Canada report completed for the PMO, there is also a section on housing, where some parts are already true, and other parts definitely already represent the Trudeau - Carney Government narrative:
STATE OF THE DETERIORATING ECONOMY AND OVER-TAXATION IN CANADA
When seeing shocking indicators like the graphs below, instead of the Mark Carney Liberals reversing direction on their 2030 plans to ban the combustion engine (5 years away) and addressing exploding foodbank numbers (1.9 million visits in March 2023 — a 32% increase from the year before) by reversing harmful net zero policies, over-regulation and over-taxation that are all causing more and more inflation, Carny, if he wins, instead is doubling down.
“You’ll own nothing. And you’ll be happy.”
-World Economic Forum
Last week Carney explained his 3-part carbon plan to replace the retail carbon tax. His big plan will include: 1) industrial carbon tax; 2) a carbon border adjustment mechanism (carbon tariff); and 3) a carbon market. All this PLUS the retail carbon tax, which is only zeroed out temporarily (it really is not gone), so that too could be added to the new carbon tax plan.
The Mark Carney Liberal’s big spending plans outlined in their costed Liberal platform have blown past and dwarfed Trudeau’s Fall Economic Statement big spending plan. Now being promised is $130B in new spending, with no end in sight to the huge ongoing deficits.
With true Orwellian double speak the Liberals proclaim they “will spend less but invest more”. The Liberal platform doubles Just Trudeau’s spending promises in the Fall Economic statement. Remember, out-of-control spending, is the reason for the friction between Finance Minister Chrystia Freeland and Trudeau, leading to her resignation, which started the dominos falling that have now led to this election.
This is not going to make food, housing or anything more affordable in Canada. And more money will be needed for this outrageously huge spending plan.
Mark Carney has NOT committed to keep his hands off our home equity.
Carney’s Liberal costed plan has been criticized by many economists. The Financial Post warns “Carney's 'spend less, invest more' marketing catchphrase means more taxes are coming. How will this spending be paid for…increased taxes, of course.” The Post also criticized the Liberal “costing plan,”
“To be clear, this was definitely not a plan. It was a vague Excel spreadsheet with the strategic depth of a grocery list.”
While on the campaign trail Carney was asked, “You say you have a prudent plan, but at the same time [respected economist] Trevor Tombe is saying that the fiscal direction you’re proposing is unsustainable for Canada?”
Carney’s response in a very haughty manner: “I have a lot of experience” All the wrong kind of experience it turns out where he has turned tax dodging in multiple countries into a science.
This new spending is merely the icing on the federal cake with a debt that has more than doubled since 2015, climbing past $1.2 trillion. Interest payments on that debt are now larger than what Ottawa spends on health care transfers to the provinces. As you can see, the Liberal government, under this net zero, high taxation oppression is running out of money they will be able to borrow without a very negative economic outcome.
So, if we are stuck with a Liberal majority or minority, with this level of promised spending, where will the money to pay for MORE spending come from?
WILL HOME EQUITY BE TAXED IF THE MARK CARNEY LIBERALS WIN?
This is where our homes — yours and mine — come in. Our home equity built up over years, now has a big Liberal red bull’s eye on it.
“The Liberals have been looking at taking a bite from the home equity of Canadians for years. They just haven’t been able to find a way to implement it. Carney has an ideological agenda. If you think your home equity is immune from it, think again. They already built the runway.”
During the final week of the election, Pierre Poilievre spoke to the CARP seniors’ group, introduced by Moses Znaimer, the current head of ZoomerMedia. Poilievre was asked about the Liberal’s working with Generation Squeeze, a Liberal stakeholder group whose primary objective is to tax the equity in our primary residences.
At the seniors focused event, Poilievre reassured seniors he would protect Old Age Security at age 65, GIS and the Canada Pension Plan. Poilievre said:
“We will never allow a tax on home equity. Period. Full stop. Not going to happen.”
Poilievre went on to question the overspending and over taxation direction of the Trudeau and now Mark Carney Liberals, pointing out that Revenue Canada is already collecting the information needed to move forward with a home equity tax:
“You're right to raise the question, because, weirdly, the Liberals put a question on your tax form to find out what primary residence you have. I don't know why they need that information. If it's not a taxable asset, then why does the why does the tax department need to know about it?”
WATCH POLIEVRE VOW TO SENIORS THAT IF HE BECOMES PRIMER MINITR THERE WILL BE NO HOME EQUITY TAX
Poilievre in his answer also pointed out that “The Trudeau Liberals have already paid for studies on a home equity tax; The Liberals have also been using your tax dollars to fund studies advocating a tax on home equity.”
Poilievre is correct again. These studies have been completed laying out the path to tax Canadians’ home equity.
Kevin Klein reported in the Sun that “The Canadian Mortgage and Housing Corporation (CMHC) has “spent hundreds of thousands of tax dollars studying how to implement a home equity tax on primary residences.” With the studies done, everything has been built, including a home equity tax rationale, talking points, with a new home tax plan ready to roll.
GENERATION SQUEEZE
The CMHC hired Paul Kershaw from Generation Squeeze, a Liberal “stakeholder” group to do the study. Generation Squeeze is a group that focuses on intergenerational wealth redistribution, where taxing home equity is their number one priority.
Nor your normal Liberal non-governmental organization solely focused on climate change, Generation Squeeze principles, as advertised on their homepage “Help Us Make Canada Work Fairly for All Ages” where its number one priority is “unaffordable housing.”
Summer 2024, Kershaw spoke at the Liberal Cabinet Retreat about “solidarity,” the need for “fairness” and “housing privilege,” in a closed-door meeting, not open to the media.
“As any good politician would do in a country where majority of voters are homeowners, said, we need to have housing retain its value because that's how we protect the nest eggs of those who are older. But in the very same breath, you acknowledge for those who are renting, those who are kind of locked out of homeownership, that the resulting wealth inequalities, that's not always fair.”
Kershaw mused, “Can you sacrifice in those ways, in no small part, to protect the home equity of those who came before?
“How do we as gen-Xers and those how do we talk to an older demographic and say, wow, let us recognize how much we're asking for younger folks, and are there ways for us to reciprocate more, including in the world of politics, to help deliver more of the policy adaptations that can help make your hard work pay off for younger folks the way that it did some decades ago.”
The Prime Minister also provided a “game-changing recognition of the need to stall housing prices is a strong foundation from which to launch a Federal Council on Generational Fairness.”
The rationale and the talking points and the studies have already been completed. It’s even on the tax forms. So, if elected when this will “wealth tax” to take from the so-called rich old people to give to the poor young people. Generation Squeeze has provided the independent “research” cover to move forward. Kershaw’s Generation Squeeze says:
“It’s a reasonable step to ask the 10% owning Canada’s highest value real estate to tolerate a small price on housing inequity in order to demonstrate allegiance to the Canadian dream that a good home should be in reach for what hard work can earn, whether in rental or co-op housing, or as owners.”
“It’s time to have a conversation about housing privilege,” says the report. The tax, Kershaw says, should drain $5.8 billion per year from Canadian homeowners. The surtax on home equity would signal “that earnings from hard work shouldn’t be taxed more than wealth homeowners gain from rising home prices while they sleep and watch TV.”
The details of the tax: “To apply downward pressure on the skyrocketing housing prices that have landed Canada in an affordability crisis, we recommend adding a small surtax on homes valued over $1 million. This surtax would start at 0.2% and peak at 1%. Payment of the surtax could be deferred until the home is sold, to ensure high-value homeowners with lower incomes aren’t put at risk.”
“In other words, the tax would be a little less than $4,000 per year on the average detached in Toronto or Vancouver, rising to about $20,000, or $1,700 per month, on a place with a value of two million.
“Kershaw & the Squeeze say the tax would not apply to many people – just the top 12% of homes by current value.
“The trouble, of course, is that most of those are concentrated in urban area and mostly owned by older people. The average property in Vancouver sells for $1,207,100. In Victoria the average detached is $1,295,500. In the GTA, it’s $1,480,399. So, the average household would pay the tax – not because they bought or sold, but simply because they possessed an asset subject to an annual arbitrary stipend.”
Sounds like extensive groundwork is completed for the home equity tax implementation.
Yes, this was all under Justin Trudeau, that is correct. And he is not Mark Carney. But, unlike Poilievre who made this commitment directly to seniors through the CARP advocacy group, Mark Carney has NOT committed to keep his hands off our home equity.
POILIEVRE’S PROMISE
At the CARP event, Poilievre asked why is the CRA snooping around recording our primary residence when they are not being taxed? A very good and valid question.
Poilievre’s comments in full were:
“Why does the tax department need to know about it? The Liberals have also been using your tax dollars to fund studies advocating a tax on home equity, so that if you sell your home to downsize or move into a senior home, then you would have to pay full capital gains tax on that on that amount. That would be a crippling policy decision for our seniors.
“And just Saturday, Mr. Carney came out with a platform that requires $130 Billion of brand-new spending above and beyond what Justin Trudeau had already projected.
“They're pledging to if you add up Trudeau planned spending and Carney's new promises, it's a quarter of a trillion dollars of new debt that they would add if they're elected to a fourth term.
“Now I ask you a question, what happens when the finance officials tap them on the shoulder and says you're out of money? You need to go find more?
“Well, they're going to go out and they're going to tax your home equity. They're going to go after your house, and they'll lie and deny, and they won't. They'll never admit it before an election.
Of course not. But when have they ever admitted it before the election happens. They do it after.
“They no longer need your vote but still need your money.
Bottom line is liberals will tax your home equity if you give them the chance in this election.
“We will never let that happen. Your home belongs to you, and when you sell, you should keep every single penny for yourself and your kids.”
HANDS OFF OUR HOMES
Kevin Klein in his Sun column said:
It’s not enough to say “it could happen.” The better question is: why wouldn’t it? What is stopping a desperate government, led by an economist-turned-politician, from targeting the largest asset pool in the country?
If the Liberals retain power, with Carney at the helm or not, they will need cash fast. Their only option is to start treating Canadian homeowners not as citizens, but as balance sheet solutions.
This is a really big, under-reported issue that more people need to know about. But will enough homeowners find out that the Liberals have been planning a home equity tax on their primary residence before they vote.
WATCH VIDEO OF MARK CARNEY ELBOWS UP SUPPORTERS LOOK LIKE THEY ARE DOING THE BIRD DANCE
And will the “elbows up” boomers, part of another Liberal expertly manipulated mass formation psychosis, similar to COVID, with a bribed mainstream media, be able to break out of their cult to care about their own financial wellbeing and future?
But don’t worry, join the state propaganda agenda via the corrupt World Economic Forum talking points, “You’ll own nothing. And you’ll be happy.”
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Senior granny alone here. Canadian. I worked 10-16 hr days for over two decades (really) to pay my 17% mortgage monthly, so my three kids would have a stable home. The bank I’d been dealing with for years, told me they couldn’t give me a mortgage because I was female. Hence, I had to go to a mortgage broker. Went to university for six years, first class grades. But my bank of many years wouldn’t give me a mortgage. I owe my equity to my kids, who suffered in my absence. Very sick now. But I will sell and give my equity to my kids if the Libs win. Ps. I paid income taxes since I was 15 yrs old while I was saving for a house. I paid taxes to build and get permits. I’ve paid property taxes for decades.
Senior granny alone here. Canadian. I worked 10-16 hr days for over two decades (really) to pay my 17% mortgage monthly, so my three kids would have a stable home. The bank I’d been dealing with for years, told me they couldn’t give me a mortgage because I was female. Hence, I had to go to a mortgage broker. Went to university for six years, first class grades. But my bank of many years wouldn’t give me a mortgage. I owe my equity to my kids, who suffered in my absence. Very sick now. But I will sell and give my equity to my kids if the Libs win. Ps. I paid income taxes since I was 15 yrs old while I was saving for a house. I paid taxes to build and get permits. I’ve paid property taxes for decades.
These maniacs can not be tolerated, bring Carney's assets home and taxed.