Canada

This is the best summary I could come up with:

Some in cottage country have been singing the blues since Ottawa proposed changes to capital gains taxation as part of the recent federal budget.

More, not less, taxation of second properties is required to protect younger Canadians in the housing market, fill the revenue hole left by governments that did not plan adequately for boomers’ retirement, and spur productivity.

I genuinely sympathize when people struggle to ensure that a cherished cottage remains in the family, and I appreciate that taxation plays a role in complicating their planning.

Social Capital Partners, a non-profit focused on broadening access to ownership, rightly calls out this problem, lamenting the role that domestic, small-scale investors have played in crowding-out first-time buyers.

Canada could “make upward of a million [homes] available over the next decade” for aspiring owners, SCP observes, if we reduce the activity of investors in the housing system to levels that resemble their share of purchases 10 years ago – “all with no additional shovels.”

Since those profits are sheltered from taxation by comparison with labour earnings, the SCP proposal would reduce the tax advantage that helps investors outbid first-time buyers.

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