Bad Tax Planning

Kim Moody of Moodys Private Client – a firm providing law, and cross-border tax and accounting services joins Darren on this episde. Moody recently wrote an article in The Financial Post about the government flirting with the idea of a home equity tax, even on principal residences. Such a tax could result in an annual levy of about $10,000 for a home worth $1 million. He called that, along with the increase in the capital gains inclusion rate which has already passed into law, “really bad tax planning” based on ideology and not economics.