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Finance committee  Of course, it is impossible to say exactly. But we have specific statistics on the plan's performance since 1992. I will ask Mr. Klump to provide those figures.

October 19th, 2009Committee meeting

Pierre Beauchamp

Finance committee  Thank you for your question. Just for the record, we don't wish to “abandon”; we just made a major commitment on the basis of what we had been told. Basically, we are looking here at an issue of fairness. As you may know, the Income Tax Act already permits tax deferral for cert

October 19th, 2009Committee meeting

Pierre Beauchamp

Finance committee  That's correct.

October 19th, 2009Committee meeting

Pierre Beauchamp

Finance committee  Forget the depreciation. We have given you some very specific examples here. For example, if your purchase price is $800,000 and the value 20 or 30 years later is $8 million, you end up having to pay capital gains on more than $7 million. Capital gains on more than $7 million mea

October 19th, 2009Committee meeting

Pierre Beauchamp

Finance committee  Well, it may be so, but if you want to get the economy to move, and to rejuvenate the properties that are on the market now, and to listen to what many Canadians are saying, and to provide help to kick-start...and not only for real estate. We have demonstrated the importance in o

October 19th, 2009Committee meeting

Pierre Beauchamp

Finance committee  Merci, monsieur le président. I'm Pierre Beauchamp, CEO of the Canadian Real Estate Association. I am accompanied by Dale Ripplinger, who is president of our association, and Gregory Klump, who is our chief economist at the association. Like others, I wish to thank you for the

October 19th, 2009Committee meeting

Pierre Beauchamp

Finance committee  That may be, but the contention we have for the government to establish that is that the tools are there today. As of now we are concerned, because we're talking about small-business people, and there have not have been any major attempts. We have worked very closely with the Com

February 23rd, 2009Committee meeting

Pierre Beauchamp

Finance committee  Thank you for the question, Mr. McKay. Basically, we are very concerned that small business in Canada is targeted by this particular proposed change. The undueness element exists at the moment. I think it is powerful, in that before things can happen here you have to be able to

February 23rd, 2009Committee meeting

Pierre Beauchamp

Finance committee  Certainly in real estate if two real estate brokerages have controlling interest in a particular area, I think that would be fairly easy to demonstrate, as a matter of fact. Obviously it requires research.

February 23rd, 2009Committee meeting

Pierre Beauchamp

Finance committee  Thank you for the question. We feel that this is going to have a very negative effect, because the new definitions, as I said earlier, of per se illegal agreements could be prosecuted criminally without the undueness element. This essentially means that small-business people wh

February 23rd, 2009Committee meeting

Pierre Beauchamp

Finance committee  Thank you, Mr. Chairman. Honourable members, I am Pierre Beauchamp, chief executive officer of the Canadian Real Estate Association. At my side is Allison McLure, legal counsel regarding the Competition Act. The Canadian Real Estate Association is one of Canada's largest single

February 23rd, 2009Committee meeting

Pierre Beauchamp

Industry committee  No. The proposal we made is for the deferral of capital gains.

February 7th, 2008Committee meeting

Pierre Beauchamp

Industry committee  What's happening now is that apartment owners who want to expand by selling existing buildings and buying larger property have to pay the tax on the capital gain, and that is what is slowing the economy at the moment.

February 7th, 2008Committee meeting

Pierre Beauchamp

Industry committee  We discovered from a recent report that 66% of those reporting property gains in the 2005 taxation year had net incomes of $55,000 or less. So those are individuals who made a choice to put their money into property and very possibly could not or did not in another market. So we

February 7th, 2008Committee meeting

Pierre Beauchamp

Industry committee  I'll address the first part, and I will ask Gregory Klump, our chief economist, to deal with the second part. What exists now in Vancouver, Calgary, Toronto, and Nova Scotia--or the Maritimes or Atlantic Canada, if you wish--is simply reflective of a supply and demand situation.

February 7th, 2008Committee meeting

Pierre Beauchamp