The Finance Committee continues its study of Bill C-8, a huge and multifaceted spending and taxing bill.
I focused my questions on the proposed 1% housing tax for foreign buyers. BC has a tax of up to 5%+ which has done nothing to bring down prices. The witness, Phil King of the Finance Dept, acknowledged the purpose of the tax was really just to raise money - $735 Million over 5 years.
I asked if the Finance Dept had considered that other countries might retaliate. Canadians own a lot of property in the US and, if we impose a tax on Americans, might they not impose a retaliatory tax on Canadians?
Unfortunately, Mr. King found that the answers to my questions could not be found in his talking points, so Canadians are none the wiser about the impacts of this new tax.