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Foreign capital should be regulated—survey

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Ephraim Vecina | 09 Mar 2016, 08:15 AM Agree 0
A live forum revealed that many Canadian consumers would welcome tighter regulation of foreign capital in domestic real estate
  • Glen K | 14 Mar 2016, 08:32 PM Agree 0
    I agree
    1) Increase the Purchase Transfer Tax to 10% for NON Canadian Citizens or Landed Immigrants
    2) Establish an Exit or Selling Transfer Tax if the seller has not a canadian citizen and declared at least 10% of the value of the property in Taxes
    So if you are selling a 800k property then the house hold income Line 150 would be 80k
    3) Canadian Funds Down payment test -- Funds over 50k should be in Canada for more than 12 months or there is a 10% purchase tax
    4) Test residency with tax filing else Tripple the property taxes for the owner
    -- if it is truely rented out then this will show in the annual income taxes
    5) All Real Estate offices handle documents of purchase and sale so ANY assignments can be tracked
    --- Flat TAX 50% all Assignments provincially as a special real estate tax
    6) Make the banks responsible for doing more due diligence on the source of funds --- if the banks do not do the proper dilligence then they will get introuble the same way as if they get caught handling proceeds of crime.
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