B.C. 15% Tax on Foreigners
- Thread starter SkyRider
- Start date
Omg I posted this in the business section a minute earlier than you did LOL.
Vancouver property lately has become too expensive for some foreigners (cough cough chinese cough cough) so they were looking more and more towards Toronto. This law really puts Toronto as sort of the #1 place in Canada to buy real estate to store your money in or launder it. This should be a federal tax not a provincial one. All they will do is move their activities from Vancouver to Toronto.
Vancouver property lately has become too expensive for some foreigners (cough cough chinese cough cough) so they were looking more and more towards Toronto. This law really puts Toronto as sort of the #1 place in Canada to buy real estate to store your money in or launder it. This should be a federal tax not a provincial one. All they will do is move their activities from Vancouver to Toronto.
That depends who you ask, Vancouver is predominately a temperate rain forest from September to June with mostly cloudy rainy miserable days. Warm summer days in July and August coupled with the scenic panorama of ocean and mountain make the mediocre city of Vancouver a temporary paradise. The Lower Mainland in the Greater Vancouver area is boxed in with mountains and sea so not much further expansion into the suburbs is possible. The GTA has much more growth potential in terms of available land than Vancouver does along with a better business climate than BC. Vancouver is nice to park foreign wealth but not much opportunity as in the GTA to actually grow it. Watch for foreign capital to flow into Canada, particularly the GTA after Brexit and the general world wide economic malaise perhaps driving the dollar much higher, not as high as the Petro buck phenomenon though. If Trump wins which is unlikely the initial ensuing world wide instability will drive foreign capital into Canada and the BC provincial tax will not be an obstacle.
The scenery is a very minor factor. The dominant factor is that Vancouver is closest to China.
Toronto thus needs a 20% tax on foreigners or Toronto will become a sewer from random and chaotic growth.
Regardless of how long it takes to fly, Vancouver is still thousands of kms closer.
If it is the scenery/climate, then the Chinese would not be the predominant buyer. People from everywhere would be poring in.
The US does have higher property tax & insurance rates for non citizens.
So that is in the same mind set and hosing foreigners .
I can't speak to insurance (which has nothing to do with the government) but I'm unaware of any property tax differential.
The difference between Toronto and Vancouver has to do with history.
Vancouver has a long history of Chinese migrants/immigration/settlement which today is a vast network making Vancouver an easy place for anybody who is Chinese, speaks Chinese, and is immersed in Chinese culture to call home.
Vancouver has a long history of Chinese migrants/immigration/settlement which today is a vast network making Vancouver an easy place for anybody who is Chinese, speaks Chinese, and is immersed in Chinese culture to call home.
Pretty much the same with Toronto. Just look at UofT everyone there is Chinese. Look at Chinatown, Richmond Hill, Agincourt, Markham, Scarborough...
