To the Prime Minister,
Canadians work hard to build equity in their homes. They use that equity to buy new homes and provide for retirement. Proceeds from the sale of a primary residence have always been exempt from federal taxes.
The Canadian Mortgage and Housing Corporation is spending $250,000 to study proposals for a home equity tax. A home equity tax would take big chunks of the proceeds when families sell their homes. That would leave them with less to buy a new home or provide for retirement.
A home equity tax is wrong: Canadians shouldn’t be taxed on the equity in their homes.
We, the undersigned, call on the prime minister to firmly and clearly reject any proposal for a home equity tax.