3 New Taxes in the 2021 Federal Budget

A few weeks ago, some banks urged the government to take immediate actions to cool the housing market. 

We went through some of the BMO suggestions in a previous post. 

The ones that got the most attention or debates were the ones related to adding new taxes, especially applying the capital gain tax on principal residences. 

So the federal government delivered the 2021 budget on April 19. 

It’s the first budget since the pandemic and it’s massive in both size and spending. We have a 725 page document proposing $101 billion dollars in new spending. And the federal debt is expected to climb over $1.2 trillion dollars in the current fiscal year. In this video, we’re going to take a look at the top 3 government spendings in the 2021 budget. 

Then we’re going to talk about the top 3 revenue measures. Yup, that means new taxes and one of them is a housing related tax. 

Toronto Real Estate Market

40% of Toronto Condo Investors Plan to Sell Due to the New Vacant Home Tax

40% of condo investors in Toronto plan to sell due to the new vacant home tax.

It’s all over the internet.

Sounds alarming, doesn’t it?

What’s my take on that?