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Conservative Leader Andrew Scheer has an ownership stake in three real estate limited partnerships, an investment vehicle open only to the wealthy and favoured for its tax-sheltering advantages.
Real estate limited partnerships (RELPs) allow investors to write off up to 50 per cent of their initial investment, a more generous tax-planning measure than RRSPs or a pension plan. And income earned on the investment can later be treated as a capital gain, drawing a much lower tax burden than regular income.
In most provinces, an individual investor must be "accredited" and is required to have more than $1 million in "investable net worth," or an average income of $200,000 or more, to be considered for a limited partnership, putting this sort of arrangement out of reach for most Canadians.
Scheer's office told CBC News on Tuesday that in Saskatchewan, where Scheer resides, the leader qualified as an "eligible investor," meaning he had to show only $75,000 in personal income and a net worth of $400,000 or more to partake in these limited partnerships.
The leader invested $75,000 in the RELPs, and his holdings were known to Mary Dawson, the ethics commissioner.
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