'Don't you dare' make a snap decision on capital gains tax rules: McCreath
Policy makers should consider all options to cool down Canada’s hot housing markets, which have seen average home prices exceed $1 million in a couple major markets, according to a report from RBC Economics. RBC Senior Economist Robert Hogue said “policymakers should put everything on the table, including sacred cows like the principal residence exemption from capital gains tax." The move may be a controversial one with unintended side effects, but Hogue argued the current rise in house prices doesn't jibe with average incomes and economic fundamentals.
Ontario government sweetening the pot for parents in third round of stimulus
Ontario parents should expect a third round of payouts from the provincial government to ease pandemic related costs for their kids. Parents are now eligible to get $400 per child in grade 12 or younger and $500 per dependent under 21 with special needs, close to double the amounts they initially received. The government hopes this move will help cover virtual learning payments or child care to get more parents back to work.
How your house can be part of your retirement plan
Homeowners appear to have more incentive than ever to invest in their properties, which could act as key nest eggs for retirement. Personal Finance Columnist Dale Jackson says this isn't a bad idea since real estate traditionally holds its value or increases. Recent research from Nanos backed that idea up as well, finding in a recent poll that six in 10 Canadians believe housing prices will continue to rise despite skyrocketing prices in many major cities. Jackson outlines some of the hidden values to home ownership and how to best leverage home ownership into a comfortable retirement.
Economic anxiety straining two-in-five Canadians: Angus Reid
Increased government debt and financial setbacks for families caused by the pandemic are leading to increased anxiety for 40 per cent of Canadians, according to a recent survey from the Angus Reid Institute. The poll also showed that three out of five Canadians are worried they won't have enough money for retirement and just more than half are concerned someone in their family will lose their job in the near future. When asked to describe their present economic situation, only 42 per cent described themselves as "secure." A quarter of respondents said they were "challenged" with an additional 18 per cent admittedly "suffering." A fortunate 15 per cent of people polled said they were "thriving."
“Renters market” helping tenants in major cities to renegotiate leases
Landlords are renegotiating contracts and leases with tenants in hopes to keep them locked in as more and more Canadians in big cities flock to the suburbs. David Fleming, a realtor with the Bosley Toronto Realty Group said that "renters' power right now is higher than it has ever been." Rentals.ca reported the asking price for a rental home dropped six per cent year-over-year across Canada, making prices more reasonable for those tenants, much to the chagrin of landlords.
"Don’t you dare change the rules on somebody who has spent their life earning that nest egg in a house."
-Forge First Asset Management President and CEO Andrew McCreath fires a shot across the bow on the idea of policymakers suddenly taking away the capital gains tax exemption.