First thing first, foreigners who stashed their money in Canadian real estate (never mind legality status of the fund ), and for those who never occupy the properties, they will soon have to pay a little more to maintain their “empty nests” … with the newly proposed Vacancy Tax a.k.a Empty Home Tax in Vancouver: –
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The designation would trigger the city to charge extra taxes on empty or under-occupied investment properties. Thank you … The second option is for the city to establish a new business tax for empty and under-occupied homes held as investment …
CBC.ca –
The deputy chief economist at one ofCanada’s largest banks is calling for the taxation of foreign real estate speculators, saying it’s the best way to cool down Vancouver’s red-hot market without causing a collapse.
And it’s tax time …