Geoffrey Loomer

Professor of tax law & policy / tax lawyer / father; Faculty of Law @ University of Victoria; Centre for Business Taxation @ Oxford University

[Geoffrey Loomer @GeoffreyLoomer]

Deferring. 😅

[Dominic LeBlanc @DLeBlancNB]

We are deferring – from June 25, 2024 to January 1, 2026 – the increase to the capital gains inclusion rate. As we quickly approach tax season, this deferral will provide certainty to Canadian taxpayers. To learn more: https://t.co/77RBZyck2G

[Geoffrey Loomer @GeoffreyLoomer]

There was maybe a time (1930s-1970s) when you could say the rich don't *always* win. That time is over. #tax #canada

[CBC News @CBCNews]

BREAKING: The federal government is likely to reverse course on changes to the capital gains tax that were announced in the last federal budget, CBC News has learned. https://t.co/0sWn9CsftX

[Global BC @GlobalBC]

A B.C. man who flipped 14 properties between 2011 and 2014 has been fined more than $2 million for failing to report nearly $7.5 million in earnings.
https://t.co/VgquOscCED

[Chrystia Freeland @cafreeland]

See my letter to the Prime Minister below // Veuillez trouver ma lettre au Premier ministre ci-dessous

[Geoffrey Loomer @GeoffreyLoomer]

@DanNeidle No one who cares about tax policy supports this measure - unless you're just opposed to GST/VAT generally. It's a foolish attempt to buy votes. The fiscal cost is high and it is unlikely to change the Liberals' position in the polls.

[Trevor Tombe @trevortombe]

These are very costly measures. They do nothing to address the mounting economic challenges that Canada faces.

By doing this, the government invites valid critiques that it is not taking these pressing issues seriously.

[Geoffrey Loomer @GeoffreyLoomer]

Stats Can survey of financial security hints at Canada's large #wealth gap, driven primarily by housing wealth, but doesn't come close to showing top end #inequality.

https://t.co/3bKNMYq1bL

[Geoffrey Loomer @GeoffreyLoomer]

@trevortombe @TheHubCanada This is great work, Trevor. Interesting that provs with the highest effective #tax burdens (QC, PEI, NB, MB - and especially NS) have the worst productivity, consistent with some folks' assumptions. But ... some states with the highest #tax burdens (CA, NY, MA) are superstars.

[Trevor Tombe @trevortombe]

The gap between the Canadian and American economies has now reached its widest point in nearly a century.

My latest for @TheHubCanada here: https://t.co/ZrUr6KFMPC #cdnecon #cdnpoli

[Geoffrey Loomer @GeoffreyLoomer]

Thank goodness. And I mean that literally. #GeneralElection2024

[Sky News @SkyNews]

BREAKING: It is official - the Labour Party has won a majority in the House of Commons and will form the next government.

Sir Keir Starmer has won the magic number of 326 seats and will become the country's next prime minister.

#GeneralElection2024 https://t.co/xItZsH7tea

[Geoffrey Loomer @GeoffreyLoomer]

Congratulations on creating what is perhaps the most tone-deaf advertisement ever. Maybe for part 2 you could show humans being crushed and replaced with shiny AI holograms. #Apple

[Tim Cook @tim_cook]

Meet the new iPad Pro: the thinnest product we’ve ever created, the most advanced display we’ve ever produced, with the incredible power of the M4 chip. Just imagine all the things it’ll be used to create.

[Geoffrey Loomer @GeoffreyLoomer]

@JudithFreedman @profchristians A doctor who sells shares of their incorporated practice would almost certainly get the $1m + capital gains exemption. The way this "hurts" doctors is increasing the ETR on sales of vacation properties, crypto troves, vintage Ferraris, etc.

[Geoffrey Loomer @GeoffreyLoomer]

This might be "middle class" in the 19th Century British conception - a wealthy bourgeois family that isn't formally part of the aristocracy.

[Mike Burton @Mikefromregina]

If you consider yourself "middle class" and have maxed out your RRSP, TFSA and realized over $250,000 in gains on your investments in a single given year, you're probably not as middle class as you think.

[Geoffrey Loomer @GeoffreyLoomer]

Exactly.

[Sabrina Maddeaux 🇨🇦 @SabrinaMaddeaux]

This is terrible policy that will only boost demand and set a new floor for entry-level home prices.

It won’t just fail to solve the housing crisis— it’ll actively make it worse.

Enabling endless debt ≠ affordability.

[Geoffrey Loomer @GeoffreyLoomer]

@SeanFraserMP This is irrelevant posturing, I'm afraid. The real issue is 22+ years of rampant housing inflation while governments sat back and enjoyed the supposed "GDP growth".

[Trevor Tombe @trevortombe]

Canada's two richest provinces are playing with fiscal fire.

My latest for @TheHubCanada on BC and Alberta's latest financial gambles: https://t.co/00kPxJqGJ9 #cdnpoli #cdnecon

[Geoffrey Loomer @GeoffreyLoomer]

If NS had indexed to provincial CPI from 2000 to 2023, the first bracket threshold would be at least $50,390 for 2023 (it is $29,590). Note that earning the NS minimum wage ($15) full-time reaches this level.

[Geoffrey Loomer @GeoffreyLoomer]

After 25 years of inaction by all political parties, the Nova Scotia govt is finally indexing tax brackets and personal credits to inflation, starting 2025... #NovaScotia

https://t.co/RiPnWiODvd

[Geoffrey Loomer @GeoffreyLoomer]

Interesting approach to short term #housingmarket sales. Probably too late to restore price levels that have any rational connection to incomes. #BCBudget2024

https://t.co/EgjOoxAeHU

[The Guardian @guardian]

Russian activist and Putin critic Alexei Navalny dies in prison https://t.co/TXeKwxQdH5