Wealth Tax you Say?

Bring us the goods, the positive way.

So, there's talk around the water cooler that there just may be a new 1% tax implemented on those with over $20 million in wealth right here in good ole Canada. Wealth = sum of all assets minus debts, and it would seem like the distribution of it hasn't been the greatest in this neck of the woods. To most people, wealth can seem to be of massive consequence and easily accessible if it is of a certain level. One can imagine Elon Musk spending millions on a gold encrusted steak and falling asleep in an infinity pool while listening to Beethoven himself perform the sixth symphony, resurrected from the grave with a swab of his remains. So, for some, the ability to pay annually a (seemingly small) 1% gratuity on assets already accrued, can prove onerous.

So, the onus is on the wealthy to ensure that they remain solvent and generating abundance for our new reality in the Canadian economy. By holding value in the form of land, property and non-liquid assets it, in ways, ties up that *wealth that has remain stagnant in our ever-faster moving economy. It may not be the status quo as of yet for Real Estate companies, landlord and speculators (think the London, Hong Kong and Hollywood real estate markets) to liquify or create a form of wealth with the positive impact for Canada, so we need to satisfy this new 1% annual tax on previously acquired wealth. Perhaps some form of offset economy akin to the carbon tax credit situation, whereby the majority of the liquid wealth used to satisfy the 1% tax should be of a socially equitably nature. I would like to see some form of positive social impact through the use of the non-liquid items like real-estate, land and other forms of wealth that can be socially transferable. (Think Tim Horton's camps)

Perhaps we can foster an already industrious nature in order to create a better world...for all future Canadians.

Patrick O'Neal