The Millennial Moron Podcast

On today’s episode of the Millennial Moron Podcast, I'm joined by Phil Webb, a Vancouver homeowner who's spent a lot of time digging into BC's property tax deferral program: the one that let anyone over 55 defer property taxes indefinitely at heavily subsidized interest rates, with the balance owed coming out of their estate when the home is eventually sold. Phil has been interviewed on the topic for the Vancouver Sun and has written about it for Generation Squeeze. The program was introduced in 1973 to help cash-poor, house-rich seniors stay in their homes. Phil's research shows that BC's version is now the most generous and least restricted of any province's (no income test, no asset test, just an age cutoff), and that most of what it pays out now goes to people who don't need it, including several multimillion-dollar homes in West Vancouver and beyond. We get into who's actually benefiting, what it costs taxpayers, and whether it should be reformed or scrapped outright. Phil was motivated by our conversation to go speak at Vancouver City Council in favor of a housing upzoning proposal, and I've included his comments at the end of this episode. This is a bit of a lost episode, recorded in February 2026, but shortly after, the BC government announced they were reforming the property tax deferral program to charge market interest rates, which kind of rendered the topic moot. However, in recent months there have been attempts to revive the program, so it seemed like a good time to publish it. Note: there are some intermittent audio issues on Phil's track early in the episode due to a connectivity problem on the day. How BC’s Property Tax System Benefits Millionaries (Vancouver Sun): https://vancouversun.com/news/how-bc-property-tax-system-benefits-millionaires Phil Webb On Attempts to Reverse Changes: https://www.gensqueeze.ca/vancouver_sun_phill_webb_reversing_property_tax_defferral Generation Squeeze Article: https://www.gensqueeze.ca/housing_subsidies_for_multi_millionaires Support Millennial Moron: Patreon: www.patreon.com/millennialmoron Chapters: 00:00 Intro 01:09 Meet Phil 01:46 The Wealth Gap 04:34 What Is the Deferral? 05:41 BC vs. Other Provinces 07:00 Who's Benefiting? 09:16 The $28M Mansion 10:26 The Real Winners 13:12 The Taxpayer Cost 16:02 Aging in Place 21:37 Why Not Downsize? 26:06 Wealth Gap by the Numbers 28:20 Broken Social Contract 30:22 Billionaires' Row 32:25 Explosive Growth 34:12 "Nobody Needs This" 36:02 Expanding the Program 39:53 Rip the Band-Aid Off 43:28 Public Hearings 44:52 Can It Be Repealed? 48:21 Phil's Story 49:41 Wrap-Up 50:26 Bonus: Phil Speaks at Vancouver City Council

On today's episode, I'm joined by Rachel Wasserman of the Canadian Anti-Monopoly Project to discuss emerging problems in private equity and private credit markets, and how it ties into Canadian pension funds like CPP, OMERS, AIMCo, and others. Wasserman business law https://wassermanlaw.ca/ The Canadian Anti-Monopoly Project https://antimonopoly.ca/ The Private Equity Playbook https://antimonopoly.ca/wp-content/uploads/2024/11/CAMP-PRIVATE-EQUITY-PLAYBOOK-FINAL.pdf

There’s a little-known scandal that cost Canadians $500 million in CPP fund money, involving the rise and fall of a European long-term care provider called Orpea (now known as EMEIS). CPP Investments was the largest shareholder, and had employees on the board of directors, including the audit committee, yet still failed to detect any of the embezzlement, fraud, and elder abuse that was taking place throughout the company’s facilities.After French investigative journalist Victor Castanet published a book on the scandal titled “Les Fossoyeurs” (The Gravediggers), the company collapsed and was eventually bailed out by the French government, causing CPP Investments to sell at a near-total loss. To this day, media coverage of this scandal is nearly non-existent in Canada, and CPP Investments has not addressed what went wrong.Joining me on the Millennial Moron Podcast to discuss this case, as well as other Canadian pension funds and their private equity style activities internationally, is Jason Ward, principal analyst and founder of CICTAR, the Centre for International Corporate Tax Accountability and Research.Sources:CPPIB’s Orpea Debaclehttps://cictar.org/all-research/care/cppibReports on Australian port investments by Canadian pension fundshttps://cictar.org/all-research/dp-world-taxes-australiahttps://www.theguardian.com/australia-news/2023/nov/01/dp-world-port-operator-australia-zero-taxCountry-by-country reportinghttps://www.nationalobserver.com/2025/09/19/opinion/corporate-canada-tax-transparency CICTARhttps://cictar.org/ Support MillennnialMoron:Patreon:https://www.patreon.com/MillennialMoron Buy Me a Coffeewww.buymeacoffee.com/millennialmoron

You’ve probably heard about Brookfield’s use of tax havens in countries like Bermuda and the Cayman Islands, especially since Mark Carney became Prime Minister of Canada. But what exactly are these tax havens being used for? Livi Gerbase from the Centre for International Corporate Tax Accountability and Research (CICTAR) joins Millennial Moron to discuss ways that Brookfield (and other Canadian pension fund managers) is leveraging tax havens and tax-advantaged programs to privatize public utilities in Latin America, with case studies of Isagen in Colombia and BRK Ambiental in Brazil. We discuss the decline in capital investment into infrastructure, increases in prices to consumers, stagnant wages for workers, and the massive increase in debt charges to these former public utilities - which are potentially being used as a profit-shifting scheme to avoid paying taxes to the local governments where these utilities are located. Paper on Isagen in Colombia https://cictar.org/all-research/isagen/eng Paper on BRK Ambiental and Privatization of Water Services https://cictar.org/all-research/brk-ambiental-en Livi Gerbase on X https://x.com/GerbaseLivi CICTAR https://cictar.org/ Pension Funds Fuel Land Grabs in Brazil (GRAIN): https://grain.org/en/article/5575-pension-funds-fuel-land-grabs-in-brazil Support MillennnialMoron: Patreon: https://www.patreon.com/MillennialMoron Buy Me a Coffee www.buymeacoffee.com/millennialmoron

Today, I’m joined by Richard Coffin, a.k.a. The Plain Bagel, to talk about policies proposed in the upcoming Canadian election, including income tax cuts, TFSAs, housing solutions and more! Check out The Plain Bagel on YouTube: https://www.youtube.com/@ThePlainBagel The Canadian Housing Crisis Explained: https://www.youtube.com/watch?v=8Y0SY6OoKV8 Millennial Moron on YouTube: https://www.youtube.com/@MillennialMoron

What is R-CG zoning in Calgary? Calgary is considering a plan to increase the base residential zone in the city as part of the affordable housing plan, which has been described as “blanket upzoning”. R-CG would allow the construction of multiplexes and row houses by default anywhere in the city of Calgary. What impact will this have on housing affordability, parking, traffic, utilities, infrastructure and neighbourhood character? All these questions and more are answered on today’s Millennial Moron Podcast, where I’m joined by Calgary Ward 8 Councillor Courtney Walcott, Director of City and Regional Planning Josh White, and Co-Founder of More Neighbours Calgary Kathryn Davies. Slides of charts/data: https://docs.google.com/presentation/d/1EG_yZ5zv4I0hOMtDNpfFiTEjmv-_5qRVL_y6kxsxdlE/edit?usp=sharing Info sessions and feedback forms for rezoning in Calgary: https://engage.calgary.ca/rezoningforhousing More Neighbours Calgary: https://www.moreneighbourscalgary.ca/ Support MillennnialMoron: Patreon: https://www.patreon.com/MillennialMoron Buy Me a Coffee www.buymeacoffee.com/millennialmoron

Sara and Stephen Cole, also known as Manor & Maker on social media, sold their home in Fergus, Ontario and purchased a chateau in France. They now run a vlog documenting their experience with owning, maintaining, and renovating the property, as well as hosting events ranging from a peaceful writer's retreat to a Halloween rave. We talk about some of the details of chateau ownership, living abroad as an expat, challenges of running a business with minimal access to credit, and the highs and lows of chasing your dream lifestyle. For more Manor & Maker: https://www.manorandmaker.com/ Youtube: https://www.youtube.com/c/manorandmaker Instagram: https://www.instagram.com/manorandmaker/ Tiktok: https://www.tiktok.com/@manorandmaker — Support MillennnialMoron: Patreon: http://www.patreon.com/millennialmoron Buy Me a Coffee www.buymeacoffee.com/millennialmoron

Today I'm interviewing Michelle Farrugia, mortgage broker and host of the Cognitive Capital Podcast, about the details and potential pitfalls of investing in preconstruction homes, including a case study of a preconstruction speculator who planned on making a quick six-figure profit, but now may be facing a lawsuit and losses upwards of half a million dollars. We also discuss the importance of understanding your investments, the appropriate use of leverage, and ways to improve the preconstruction buying process to reduce the potential for fraud. Michelle’s original video: https://www.tiktok.com/@mlfarrugia/video/7282461412608249093 Cognitive Capital: Cognitive Capital Cognitive Capital Podcast on YouTube: https://www.youtube.com/@Cognitive.Capital/ — Support MillennnialMoron: Patreon: http://www.patreon.com/millennialmoron Buy Me a Coffee www.buymeacoffee.com/millennialmoron Outro music by david blicher from Pixabay