Evidence of meeting #121 for Finance in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was grocery.
A video is available from Parliament.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
Would it apply to somebody who purchases a duplex?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
Would it apply to somebody who purchases a triplex?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
What about somebody who wants to buy a trailer in a trailer park?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
So, it only applies to purpose-built rentals that are in excess of four units.
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
That's right.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
If a Canadian wants to buy a unit in a trailer park, why doesn't that Canadian get the enhanced rebate?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
If you're buying something in a trailer park, it's tantamount to owner-occupied housing, and this rebate is intended to help purpose-built rentals, not owned units.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
What if they want to rent out the trailer?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
If it's in a purpose-built rental format where there are four-plus units together in one building—
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
No, it's a single unit that they want to rent out. Would they get the rebate?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
What about a young family that just wants to realize the dream of home ownership? Do they get the enhanced rebate?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No, they don't.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
Let me ask you this question: Once the act is passed, how soon after it's passed will grocery prices actually go down?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
I can't speak to the grocery prices.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
What about housing prices?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
They wouldn't go down immediately, no.
6:05 p.m.
Conservative
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
The purpose-built rental rebate is intended to encourage new supply, and new supply takes a while to come onto the market.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
How much new supply have you calculated will be created by this legislative change?
6:05 p.m.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
We haven't identified the number of units specifically. That's a very difficult number to come up with because it's based on a lot of assumptions.
6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
Then you don't know if it would be one or 100,000.