In 2019 Prime Minister Justin Trudeau proposed a 1% tax on resident non-Canadians. The proposal’s goal is to prevent foreign buyers from driving up the cost of real estate for residents. British Columbia currently levies a 2% speculation tax and Ontario levies a 15% tax. Opponents argue that the current spike in real estate prices is due to the strong domestic economy instead of investments from foreigners.
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@8QW7HCG4yrs4Y
stop taxing poor citizens who work hard inforce more taxes on richer people, i dont think that if you make less than 90,000$ a year u should be taxed
@9GNXXXT1yr1Y
Depends on what you mean by non-residents, as asylum seekers/refugees, consulates/diplomats and ambassadors, as well as NGOs, and so forth could all be seen as foreign, but provide an important service to this country.
@95K5YQG3yrs3Y
Yes, but it should depend on many things. If it's someone who's clearly speculating, and sitting on the property because of it's value, and has no intention of moving to the residence, then they should be subject to the tax, or an even higher tax depending on their income. If it's someone who is a refugee fleeing conflict, a non-permanent resident, someone who has claimed asylum, a foreign diplomat/consulate of another country, or even a international high school/university or college student, they should not be subject to the additional tax, as they have the potential to become citizens, but also can add great value to this country.
@8VFMF8J4yrs4Y
No foreign ownership unless the owner resides and lives in the home for at least 6 months per year. No foreign corporate ownership of Canadian land.
@8V8DS7R4yrs4Y
Not on resident non Canadians as residents include landed immigrants who are working in and supporting local communities but may not have been here long enough to qualify for citizenship.
@8V6C5CN4yrs4Y
Depends if the property is vacant or being used for local housing
@angiepin4yrs4Y
Yes, and the tax should be 20%, but only if the real estate is not being rented by full time tenants
@8FTG5KJ5yrs5Y
Yes, but only if home is not their main residence
@9BK2RQ62yrs2Y
Depends on different circumstances. For vacation homes in municipalities/as well as speculators who never move here? Maybe. For diplomats, international students, refugees, NGOs, ambassadors and so forth? No.
Depends on what a "foreigner" is classified as. We can't ban house ownership to refugees, permanent residents, immigrants who are waiting for citizenship, ambassadors, consulates and such, because that would have catastrophic consequences for the country, as well as international relations with other countries. If you mean people who speculate, and don't actually live here, but sit on a property just because it's valuable, then yes, because nobody's living in those houses anyway.
However, there should be consultation with places that have a large amount of vacation homes, nd rely on that for tax money, because they need it for their municipal budgets and it could harm their ability to invest in their community very much.
@96Z72XK2yrs2Y
Bar foreign money from our housing market, including investment corporations who create satellite offices here.
@8DRDM675yrs5Y
If someone does not reside in Canada for at least 6 months per year, they should be taxed with a speculation tax.
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