Due to the concerns about the impact of travel and group gatherings on the spread of COVID-19, CFAA has decided to postpone the tax retreat scheduled for April 6 to an indefinite time in the future.
CFAA will be in touch with those registered to make arrangements
to refund or credit the fee to attend the retreat.
Along with the black cloud that is COVID-19, there is a small silver lining in that it appears highly unlikely that the government would introduce tax increases either in the capital gains tax or by means of an interest deductibility limitation (IDL) given that this is a time at which the government needs to stimulate the economy rather than the reverse.
As to IDL, CFAA had done a great deal of work to educate the government on the difficulty and disadvantages of applying an IDL to the rental housing sector. I believe we were well on our way to winning that lobbying campaign before the COVID-19 situation went into crisis mode, and am confident that the issue is dead now for the foreseeable future, at least for this year.
CFAA will probably deal with the government further about the IDL situation and about capital gains. Depending on what we learn, we will consider whether and when to call together a tax retreat in order to consider the options or “Plan B” which CFAA should put before the government, as well as to hone the arguments against increases in these or other taxes affecting rental housing.