Bob Long Posted July 10 Share Posted July 10 4 minutes ago, Elias Pettersson said: How have baby boomers fucked this planet? Disco 3 1 Quote Link to comment Share on other sites More sharing options...
Bob Long Posted July 10 Share Posted July 10 5 minutes ago, bolt said: https://financialpost.com/personal-finance/taxes/tax-home-equity-latest-liberal-housing-bogeyman All of them should resign immediately. All? Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted July 10 Share Posted July 10 2 minutes ago, bolt said: https://financialpost.com/personal-finance/taxes/tax-home-equity-latest-liberal-housing-bogeyman All of them should resign immediately. I'm old enough to remember when I said in this thread that it wouldn't surprise me if this government introduces a capital gains tax on your principal residence. I was laughed at as usual. Well, here we go. Only a few short months later and a government "think tank" is proposing a "home equity tax" on your principal residence for homes over $1 million. I should consider becoming a consultant for these government shmucks who pretend they know how to run this country. I can literally predict the future... This particular think tank, Generation Squeeze, seems to think that one of the ways to enable the youth to afford a new home is to go after older people who have worked hard historically to save enough to buy a home and pay off their mortgages. Such older people’s homes have often benefited from decades of capital appreciation. “The first step is putting a price on housing inequity by adding a modest surtax on homes valued at more than $1 million. This surtax will apply only to the top 12 per cent of high-value homes; the vast majority of Canadians won’t pay a penny more. But it will help slow down home prices so earnings have a chance to catch up, demonstrating allegiance to the Canadian dream that a good home should be in reach for what hard work can earn.” This is a perfect explanation of how the current government thinks and how they literally haven't got a clue how the real estate market works: First, it was foreigners that were the problem. Accordingly, Canada introduced a ban on foreigners purchasing Canadian real estate (this ban was recently extended to the end of 2026). In addition, it was those foreigners who were “underutilizing” real estate, and so cities such as Vancouver, Toronto and others introduced a form of empty homes tax, and the federal government followed suit in 2022 with its Underused Housing Tax debacle. The second bogeyman was those flippers of real estate, so the government introduced the ridiculous and duplicative flipping tax in 2023. The third bogeyman were the evil short-term rental owners and operators who operate in an area that bans short-term rentals, so the government introduced a ridiculous and dangerous rule to deny expense deductions to such people. And, now, it’s those darn older people who worked hard throughout their lives to acquire and pay off their homes and had the good fortune of capital appreciation. Sir Winston Churchill famously stated, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” Quote Link to comment Share on other sites More sharing options...
EP Phone Home Posted July 10 Share Posted July 10 14 hours ago, Elias Pettersson said: Poor Mick. He thought he was doing Justin a solid by mentioning his name. His reaction to the crowds boo birds. 2 Quote Link to comment Share on other sites More sharing options...
RupertKBD Posted July 10 Share Posted July 10 3 hours ago, Bob Long said: there's some history there, maybe you're too young to remember. JT could legit call Mick a MoFo..... 1 Quote Link to comment Share on other sites More sharing options...
RupertKBD Posted July 10 Share Posted July 10 3 hours ago, Bob Long said: they're "countless" because you call every story you find a "scandal". But thats OK, we all know PP will not only approve every single federal contract of any kind, he'll spend his days auditing each and every job anyone gets. Thats the standard bolt expects. I think it's probably more a case of him having to unzip his fly, if he has to count to 11..... 1 Quote Link to comment Share on other sites More sharing options...
Satchmo Posted July 10 Share Posted July 10 12 minutes ago, Elias Pettersson said: How have baby boomers fucked this planet? Let me count the ways... If you think only in terms of climate change action do you really think we (and I am a boomer so 'we' is valid) have done enough? I think most of us just stood by and watched. Quote Link to comment Share on other sites More sharing options...
RupertKBD Posted July 10 Share Posted July 10 17 minutes ago, Bob Long said: Disco I take no responsibility.....I was still blasting Led Zep III..... I blame those three Australian dudes.... Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted July 10 Share Posted July 10 4 minutes ago, Satchmo said: Let me count the ways... If you think only in terms of climate change action do you really think we (and I am a boomer so 'we' is valid) have done enough? I think most of us just stood by and watched. I'm generation x but am closer to being a boomer than a millennial. I don't agree with the premise that boomers just stood by and watched. You were told what to do by the government, how were boomers supposed to know the damage that certain things were doing to this planet when they were simply following the experts? Look around you and tell me who built everything that you see. All of the housing, infrastructure, all of those businesses. Those are from the boomers, carried over from their parents. Now look at what the millennials have done and work your way down to the gen z'ers. They complain about the cost of housing, but it was the government that made the rules, the boomers were simply following the rules. This is the same argument with taxes. People complain that the rich people aren't paying their fair share of taxes. I would argue that they are simply following the rules and doing what any rich person would do, which is to use the CRA loopholes to their advantage. Quote Link to comment Share on other sites More sharing options...
4petesake Posted July 10 Share Posted July 10 28 minutes ago, Satchmo said: Let me count the ways... If you think only in terms of climate change action do you really think we (and I am a boomer so 'we' is valid) have done enough? I think most of us just stood by and watched. Well we did come up with the Montreal Protocol and ban aerosols and largely repaired the ozone hole. Of course that was pre social media back when people believed in science… 1 Quote Link to comment Share on other sites More sharing options...
Satchmo Posted July 10 Share Posted July 10 (edited) 37 minutes ago, Elias Pettersson said: I'm generation x but am closer to being a boomer than a millennial. I don't agree with the premise that boomers just stood by and watched. You were told what to do by the government, how were boomers supposed to know the damage that certain things were doing to this planet when they were simply following the experts? Look around you and tell me who built everything that you see. All of the housing, infrastructure, all of those businesses. Those are from the boomers, carried over from their parents. Now look at what the millennials have done and work your way down to the gen z'ers. They complain about the cost of housing, but it was the government that made the rules, the boomers were simply following the rules. This is the same argument with taxes. People complain that the rich people aren't paying their fair share of taxes. I would argue that they are simply following the rules and doing what any rich person would do, which is to use the CRA loopholes to their advantage. I contend we should have known better and could have done better in regards to taking care of the planet despite the 'rules'. We make the rules. You mention a few good things but give no mind to the bad things. The boomers gave us the Me Decade, mortgages packaged as derivatives, opioids, tribal news networks. The list goes on but I'll end there without even mentioning disco or new country. Many boomers still hang on to fossil fuels - especially if they profit from it. They railed against rules in the 60's and then (as you describe) just followed them ever after. Hippies (who I think were mostly fools) gave way to Yuppies (who I think were mostly greedy). I notice you put down later generations. This is not new. As Aristotle about 2400 years ago: “[Young people] are high-minded because they have not yet been humbled by life, nor have they experienced the force of circumstances. They think they know everything, and are always quite sure about it.” Edited July 10 by Satchmo 2 2 Quote Link to comment Share on other sites More sharing options...
EP Phone Home Posted July 10 Share Posted July 10 3 hours ago, Optimist Prime said: Mick here didn't get the memo about younger Canadians wanting to turn to the conservatives for change. The younger Canadians were far and few between at the concert. Sure there were some but the majority of discontent was from 30-80+ year olds. I was at the show and majority of BC place booed after the comment was made. 2 Quote Link to comment Share on other sites More sharing options...
Bob Long Posted July 10 Share Posted July 10 1 hour ago, RupertKBD said: I think it's probably more a case of him having to unzip his fly, if he has to count to 11..... 10 1/2 1 Quote Link to comment Share on other sites More sharing options...
DSVII Posted July 10 Share Posted July 10 (edited) 6 hours ago, bolt said: Countless Liberal spending scandals and you pick a province most of us here don't even live in lol. Then bring those up. Nitpicking a 250k expense makes you come across as petty and reactionary. Expenditures like this are also prevalent on all sides of the aisle. Conservatives included with even expensing their spouse travel to conventions. But guess what? I don't really care about that for the Conservatives and I don't count that as a black mark against them. Liberals use this to distract from their own issues to. Bring up the costs that matter to the country and try your best to avoid catch phrases like 'axe the tax'. It's also no secret that the Ontario and Alberta conservatives are using Trudeau's unpopularity as cover to pillage the coffers and dismantle and privatize services. That has a more direct impact on citizens than the federal government. But hey, you get a Fuck Trudeau flag right? Edited July 10 by DSVII 1 Quote Link to comment Share on other sites More sharing options...
Boudrias Posted July 10 Share Posted July 10 1 hour ago, Elias Pettersson said: I'm generation x but am closer to being a boomer than a millennial. I don't agree with the premise that boomers just stood by and watched. You were told what to do by the government, how were boomers supposed to know the damage that certain things were doing to this planet when they were simply following the experts? Look around you and tell me who built everything that you see. All of the housing, infrastructure, all of those businesses. Those are from the boomers, carried over from their parents. Now look at what the millennials have done and work your way down to the gen z'ers. They complain about the cost of housing, but it was the government that made the rules, the boomers were simply following the rules. This is the same argument with taxes. People complain that the rich people aren't paying their fair share of taxes. I would argue that they are simply following the rules and doing what any rich person would do, which is to use the CRA loopholes to their advantage. It was the 'boomers' who taught their kids how to spend government money. As a 'boomer' at least I felt guilty as I saw/heard how hard life was for my grandparents and how my parents fought a war to save our country. Boomers in Canada never had to meet any challenges like that. We were pretty hard workers and that direction was a normal expectation by our parents. What have we lost? When I was growing up it appeared to me that our community treated everyone as an equal. Probably not true but a man was taken at his word and that meant something. I certainly remembered my parents extending a helping hand to those that needed it and so did their friends. Much of that is gone now. Far less community. 1 1 Quote Link to comment Share on other sites More sharing options...
DSVII Posted July 10 Share Posted July 10 (edited) Be careful what's on your feed. Behind the anger on the Reddit Canada Site https://www.cbc.ca/listen/live-radio/1-14-day-6/clip/16079694-behind-anger-reddit-canada-site Quote Interesting points for r/Canada: r/Canada has the highest number of repeat posters (59%) and the lowest number of unique posters (41%) Compared to other country subreddits, reposts of news articles is a tiny % of posts. Other countries like r/Brazil and r/Finland are usually a collection of user generated posts like cute cats or great places to buy a sandwich. And all news articles aren't doom and gloom. r/Canada is tied with R/India for the 2nd most posts about politics r/Canada is the only country subreddit with zero user generated content posts in the top 10 biggest posts. There is an absence of posts written by users. Every post is picked to be a divisive news story, there are only a small handful of users constantly posting and sharing articles. 24% of the top 10 posts are by just 3 users. For a subreddit with 2.6 million users but only a few people are controlling the conversation. Did Reddit Year End Recaps Expose Russian Interference in Alberta https://www.stalbertgazette.com/local-news/did-reddit-year-end-recaps-expose-russian-interference-in-alberta-8223476 Edited July 10 by DSVII 3 Quote Link to comment Share on other sites More sharing options...
KoreanHockeyFan Posted July 10 Share Posted July 10 2 hours ago, Elias Pettersson said: I'm old enough to remember when I said in this thread that it wouldn't surprise me if this government introduces a capital gains tax on your principal residence. I was laughed at as usual. Well, here we go. Only a few short months later and a government "think tank" is proposing a "home equity tax" on your principal residence for homes over $1 million. I should consider becoming a consultant for these government shmucks who pretend they know how to run this country. I can literally predict the future... In our current system, all governments, no matter what side of the spectrum, mostly make policy decisions with 4-year cycles in mind. You could propose all you want as a consultant, but the government would come back with a question asking you whether your recommendations could produce results before they're up for election again. For example, people keep talking about how the government needs to build more housing to help fix the housing crisis. Liberal or Conservative - governments aren't incentivized to go full steam ahead with that when housing takes years to build. If I'm in power, I'm not going to allocate a bunch of resources into spurring housing starts when I might not be the one to be in power when supply finally starts to recover. Tax changes are a much quicker "fix" to show the people that something is being done about housing. That being said, I'm not suggesting that this is the only way governments think before making decisions, but it is something to keep in mind. People don't think long-term. We want quick fixes so we get short-sighted solutions. Quote Link to comment Share on other sites More sharing options...
KoreanHockeyFan Posted July 10 Share Posted July 10 (edited) 2 hours ago, Elias Pettersson said: I'm generation x but am closer to being a boomer than a millennial. I don't agree with the premise that boomers just stood by and watched. You were told what to do by the government, how were boomers supposed to know the damage that certain things were doing to this planet when they were simply following the experts? Look around you and tell me who built everything that you see. All of the housing, infrastructure, all of those businesses. Those are from the boomers, carried over from their parents. Now look at what the millennials have done and work your way down to the gen z'ers. They complain about the cost of housing, but it was the government that made the rules, the boomers were simply following the rules. This is the same argument with taxes. People complain that the rich people aren't paying their fair share of taxes. I would argue that they are simply following the rules and doing what any rich person would do, which is to use the CRA loopholes to their advantage. There's nothing wrong with baby boomers playing by the rules that were made by past governments. The issue is when millennials and Gen Zs complain about rising cost of living and baby boomers don't have the self-awareness to understand that they're the beneficiaries of past government policies and economic conditions that were favourable to them. Instead, the blame is directed towards bad work ethic and laziness. And then there's the other debate about how some of the "rules" made by past governments have caused some of the issues we're facing today. "We" as in society in general, but the impacts are more amplified for millennials and Gen Zs since we're at a stage in our lives where we're just starting to try and build wealth. It's a lot easier to withstand economic headwinds when you have assets like real estate to fall back on - a situation that many of us aren't in, but boomers are. Edited July 10 by KoreanHockeyFan 1 1 Quote Link to comment Share on other sites More sharing options...
Bob Long Posted July 10 Share Posted July 10 44 minutes ago, KoreanHockeyFan said: There's nothing wrong with baby boomers playing by the rules that were made by past governments. The issue is when millennials and Gen Zs complain about rising cost of living and baby boomers don't have the self-awareness to understand that they're the beneficiaries of past government policies and economic conditions that were favourable to them. Instead, the blame is directed towards bad work ethic and laziness. And then there's the other debate about how some of the "rules" made by past governments have caused some of the issues we're facing today. "We" as in society in general, but the impacts are more amplified for millennials and Gen Zs since we're at a stage in our lives where we're just starting to try and build wealth. It's a lot easier to withstand economic headwinds when you have assets like real estate to fall back on - a situation that many of us aren't in, but boomers are. Boomers and their properties were the primary drivers and beneficiary of the equity balloon. Once people saw an extra million for retirement it was game over for any kind of political solution to runaway prices. 1 Quote Link to comment Share on other sites More sharing options...
KoreanHockeyFan Posted July 10 Share Posted July 10 (edited) 29 minutes ago, Bob Long said: Boomers and their properties were the primary drivers and beneficiary of the equity balloon. Once people saw an extra million for retirement it was game over for any kind of political solution to runaway prices. And that's the predicament any government faces today. Increase housing supply? Of course! But are you ready to see the value of your own house depreciate? No? Ok well then the government certainly doesn't want to do that, they need your votes! Edited July 10 by KoreanHockeyFan Quote Link to comment Share on other sites More sharing options...
Bob Long Posted July 10 Share Posted July 10 3 hours ago, Elias Pettersson said: I'm old enough to remember when I said in this thread that it wouldn't surprise me if this government introduces a capital gains tax on your principal residence. I was laughed at as usual. Well, here we go. Only a few short months later and a government "think tank" is proposing a "home equity tax" on your principal residence for homes over $1 million. I should consider becoming a consultant for these government shmucks who pretend they know how to run this country. I can literally predict the future... This particular think tank, Generation Squeeze, seems to think that one of the ways to enable the youth to afford a new home is to go after older people who have worked hard historically to save enough to buy a home and pay off their mortgages. Such older people’s homes have often benefited from decades of capital appreciation. “The first step is putting a price on housing inequity by adding a modest surtax on homes valued at more than $1 million. This surtax will apply only to the top 12 per cent of high-value homes; the vast majority of Canadians won’t pay a penny more. But it will help slow down home prices so earnings have a chance to catch up, demonstrating allegiance to the Canadian dream that a good home should be in reach for what hard work can earn.” This is a perfect explanation of how the current government thinks and how they literally haven't got a clue how the real estate market works: First, it was foreigners that were the problem. Accordingly, Canada introduced a ban on foreigners purchasing Canadian real estate (this ban was recently extended to the end of 2026). In addition, it was those foreigners who were “underutilizing” real estate, and so cities such as Vancouver, Toronto and others introduced a form of empty homes tax, and the federal government followed suit in 2022 with its Underused Housing Tax debacle. The second bogeyman was those flippers of real estate, so the government introduced the ridiculous and duplicative flipping tax in 2023. The third bogeyman were the evil short-term rental owners and operators who operate in an area that bans short-term rentals, so the government introduced a ridiculous and dangerous rule to deny expense deductions to such people. And, now, it’s those darn older people who worked hard throughout their lives to acquire and pay off their homes and had the good fortune of capital appreciation. Sir Winston Churchill famously stated, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” now do more estate taxes. I'm actually 1/2 kidding, I think thats coming as well if we remain with the deficits we've been running. Quote Link to comment Share on other sites More sharing options...
Bob Long Posted July 10 Share Posted July 10 1 minute ago, KoreanHockeyFan said: And that's the predicament any government faces today. Increase housing supply? Of course! But are you ready to see the value of your own house depreciate? No? Ok well then the government certainly doesn't want to do that, they need your votes! maybe? I think a lot of boomers (the ones we knew anyway) kind of fibbed a bit and said they'd "help the kids" with all that cash. But guess what, not everyone is doing that or wants to. I'm kind of a broken record on it, but its again another reason why building on leasehold land is a good idea, it doesn't really effect the other home markets, its a thing unto itself. Quote Link to comment Share on other sites More sharing options...
Optimist Prime Posted July 10 Share Posted July 10 4 hours ago, Elias Pettersson said: This particular think tank, Generation Squeeze, seems to think that one of the ways to enable the youth to afford a new home is to go after older people who have worked hard historically to save enough to buy a home and pay off their mortgages. Such older people’s homes have often benefited from decades of capital appreciation. This is not a government think tank, but like many organizations that run on donations at a charitable level, they do receive some government grants similarly to the i guess in your terms "opposition think tank" the Fraser Institute. Just wanted to clarify it is just a leftist group think tank, nothing to do with the gov, other than by the report you linked some government members met with some of the think tank members, as is true of about 8 other think tanks in the nation on a regular basis. 1 Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted July 10 Share Posted July 10 48 minutes ago, Bob Long said: now do more estate taxes. I'm actually 1/2 kidding, I think thats coming as well if we remain with the deficits we've been running. I was just thinking the other day about estate taxes and how low they are. You are reading my mind Bob. I’ll bring it up at the next “think tank” meeting. 1 Quote Link to comment Share on other sites More sharing options...
aGENT Posted July 10 Share Posted July 10 (edited) 4 hours ago, Elias Pettersson said: They complain about the cost of housing, but it was the government that made the rules, the boomers were simply following the rules. This is the same argument with taxes. People complain that the rich people aren't paying their fair share of taxes. I would argue that they are simply following the rules and doing what any rich person would do, which is to use the CRA loopholes to their advantage. Who made (and largely continues to make) those rules though? "Boomers", that's who. They're also the ones that started on this race to the bottom economy, including all the environmental issues it causes. As much of a "point and laugh at the crazy environmentalist politician" moment as it was, she's not entirely wrong. A great deal of our current economic, housing and environmental woes can be traced back to Boomers and the policies, regulations, laws, nimbyism, purchasing habits etc that they're largely responsible for. Edited July 10 by aGENT 1 1 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.