May 2012 Issue 5   Volume 1 CREA logo

PAC Attack! >>>

Over 275 REALTORS® and Association executives converged on Parliament Hill to lobby MPs, Senators, and Cabinet Ministers. There were over 200 meetings held, including a private meet and greet with the Prime Minister and executive committee of your Board of Directors.

The National's Rex Murphy spoke. Clinton White House staffer and CNN pundit Paul Begala gave us the scoop on the US election. Panels of journalists, political pundits and lobbyists engaged PAC reps on the latest twists and turns inside Ottawa backrooms. It was a political junkie heaven!

REALTORS® built upon our industry's successful lobby on the Home Buyers' Plan. This program allows Canadians to borrow up to $25,000 from their RRSP for their first home purchase. It was introduced in 1992 and updated in 2009 as a result of our industry's PAC Network of REALTORS®.

We called on the government to index the Home Buyers' Plan RRSP withdrawal limit to inflation, so it maintains its purchasing power. This would ensure tomorrow's homebuyers receive the same value from the program.

We requested that the Home Buyers' Plan be available to Canadians after significant life changes : job relocation, the death of a spouse or a marital breakdown. This would help Canadians maintain homeownership when help is needed most.

We asked the government to level the playing field for small investors by providing a tax deferral of previously written off depreciation (Capital Cost Allowance recapture) when investment property owners sell and reinvest the proceeds in another income property. This would remove a significant barrier impeding income property reinvestment. Many investment property owners are reluctant to sell because doing so leaves them with insufficient funds after tax to purchase another property of similar value.

Thanks to everyone who made this year's PAC Days one of the best ever! Don't forget to save the date for next year's event - Sunday, April 28 to Tuesday, April 30, 2013.


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