Hey, it’s the end of another work week!
You made it to the weekend and that means it’s time for another Friday Free-for-all!
This is our regular end of the week news roundup and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:
–A petition for change
–No more goofy superstitions
–Reverse mortgages popular
–Royal Bank scraps limit
–Uncle and Aunt-ecdote
–Times they are a changin’
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
If you’re someone who has your money somewhere other than Vancouver real estate you’re probably familiar with the TFSA. And you probably know the limit has just been doubled to $10k a year.
Critics say this move only helps the wealthy and creates a future tax problem.
Joe Oliver says we should leave that problem for the PMs grand-daughter to solve.
On Tuesday’s The Exchange with Amanda Lang on CBC News Network, the finance minister told Lang that criticism of his recently unveiled budget is unfounded, arguing that the benefits for Canadians today more than offset any future revenue problems associated with it that may or may not ever come to pass.
The doubling of the TFSA limit to $10,000 per taxpayer every year was a core plank of Oliver’s balanced budget. But critics including the opposition parties and private sector economists have said the populist move will create a revenue problem for governments down the line, as more and more investments get protected from taxation.
So what do you think about the TFSA limit increase? A tool only for the wealthy or a bit of extra help for savers?
West Vancouver is considering limiting the size of ‘Monster Homes‘ and that’s got both sides of the issue up in arms. The primary concern from some residents is that a proposed size limit would bring down property values:
“At first glance, this is flawed, to say the least,” said Russell Lane, who said he and his wife were “one of the owners of one of the larger properties and our house is on it. It’s not a ‘monster property,’ or whatever the description is, but a house that was built appropriate to current regulations.”
He said it would be unfortunate if the municipal government created, in effect, two classes of properties, where older houses that were built to code would be more attractive to buyers than homes built after a policy change.
Meanwhile North Delta brought in similar limits several years ago:
Delta Mayor Lois Jackson said her community limited the size of new North Delta homes to 3,552 square feet several years ago and feels the policy has worked well, with few complaints from builders or owners of would-be monster homes.
“We were having problems with some very large homes being built, some as large as 9,000 square feet or bigger,” she said. “Allowing an unlimited amount of square feet in new homes was not taking the community in the direction it wanted to go.”
Read the full article in the Vancouver Sun.