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Canadians overwhelmingly demand wealth tax after Kevin O’Leary says it will make him move away
(www.thebeaverton.com)
this post was submitted on 03 Aug 2026
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Well, "true" value is a weird one, everything ultimately is relative and somewhat subjective.
I'm with you, and perhaps more aggressive about taxing loans against stock as if they were realized gains. Loans that have nothing to do with acquiring the asset that backs the loan (e.g. a loan to buy a house or even improve an existing house backed by the house itself, ok, sure that can get a pass, at least on the primary residence). In the interest of fairness, have an ability to reconcile the tax situation upon repayment of the loan by tax credit. So if one wants to whine about "double taxation", they can be mollified that they will get their extra taxation back if they pay back their debts in the manner expected by tax code. They may still whine that by paying taxes now on gains to be realized later they are giving the government a 0% loan, but that's just the price of accessing their wealth early.
Ya, thats fair. I was more meaning things like, they own the land and building on it, but even that is somewhat subjective. But it's better than, this stock has a PE ratio of 100x because of some perceived future value.
And absolutely there should be a way to get a tax credit if they repay it, which would likely mean some form of realizing gains, or using already taxed assets.
I would also expect whining about oh how complicated this makes things, and it's going to cost so much money to properly record it all, but bitch, you got the money. Sell some assets to pay for it. 🤣
Yeah, I expect there would be whining, but like you say, they have the money. It wouldn't even be the most convoluted tax stuff, on par with some fairly common tax stuff faced by fairly mundane taxpayers. They seem all too ready to handle the complexity when it represents a loophole to avoid taxes, so they should be ok with complexities to close the loan loophole.