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.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
Would it apply to somebody who purchases a duplex?
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
Would it apply to somebody who purchases a triplex?
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
What about somebody who wants to buy a trailer in a trailer park?
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
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.
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
That's right.
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?
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.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
What if they want to rent out the trailer?
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—
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?
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No.
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?
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
No, they don't.
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?
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
I can't speak to the grocery prices.
November 20th, 2023 / 6:05 p.m.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
What about housing prices?
Director, Real Property and Financial Institutions, Sales Tax Division, Tax Policy Branch, Department of Finance
They wouldn't go down immediately, no.
Conservative
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.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
How much new supply have you calculated will be created by this legislative change?
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.
Conservative
Marty Morantz Conservative Charleswood—St. James—Assiniboia—Headingley, MB
Then you don't know if it would be one or 100,000.