You are pinning your hopes on a tax that is called a speculation tax, but does nothing to combat speculation. Sayanything John is extremely corrupt and apparently David Eby isn't much better. I have some reliable sources that know the two of them.Money laundering, tax evasion, multi-million dollar owners in welfare is like cancer to the system.I'll take middle class immigrant over the rich ones - they make for better neighbours and are generally not tax evadersCanada needs immigration and I think you would agree that rich immigrants are better than poor immigrants that stress our social assistance resources.
I really hope David Eby and his team can clean house.
I think we all agree on the problem, but none of the governments have done anything to clean it up. It does require all three levels of government to work together
e.g. Vancouver has an empty homes tax but Burnaby doesn't.
Provincial Government is trying new measures which will have their own set of loopholes to exploit, while the Feds don't seem to grasp or care to grasp any of these problems and take steps to close the holes in our tax system..I'll just repeat my post from the other topic, which seems to be crashing the board when I posted
The CRA can do all the investigating they want, but they have no teeth to go after someone in Canada let alone in a foreign country.
I'm guessing they got around foreign buyers tax, the empty homes tax and would have used equally evasive maneuvers to get around the speculation tax too.
And this is why a 30% withholding tax would be the best way to attack the money laundering and tax evasion problem that is driving a free for all in speculation. Just do it on all real estate sales including any contract assignments. Any Canadian Resident using as their primary residence could just file a tax form to have the money released within a few weeks of the completion.
Any real estate owned by a shell company, corporation or whatever other Joyful organization should automatically not qualify for a PR exemption and be forced to claim the capital gain.
Why is this so difficult...instead we invent new taxes and build a whole new set of administrative challenges and loopholes, while our existing laws are exploited.