B.C. absentee homeowner tax (proposed)

[speedog]

A proposed new tax in B.C. on homes owned by absentee owners, not sure if this includes properties that are physically occupied by renters but I just don't see how this will solve the problem that people want addressed. Unless it's some sort of ridiculously high tax, the problem will still exist as the people who are buying up these properties most likely have more than enough available monies to pay any reasonable tax. Make the tax too high and you'll chase that money away to other locales. Link (http://globalnews.ca/news/2755591/b-c-citizens-in-favour-of-absentee-tax-says-new-poll/) to story.

[Sorath]

they should just start a new division in the government where anyone who doesnt have a canadian citizenship or PR has to go through. The government has to siphon out who is allowed to buy and who is not allowed to buy.

[zhao]

All they really need to do is what kasem said. Do something similar to what our friends downunder did and say you can only buy property as a foreigner unless you are going to prove you will use it as your primary residence.

Or tax the ever loving shit out of non citizens / non PR's buying here. 50% 100%, whatever. Do what universities do to foreign students; make a killing off them to the benefit of the organization/country.

There will still be locals that will act as channels for purchasing properties, but it should slow down the retardation a lot and we already have checks and balances setup to look into where all the money came from thx to organized crime laundering money in properties already.

Taxing everyone some low amount just fucks over locals, and foreigners aren't likely to give two shits about some minor tax cuz when they are buying 10 properties for 10-20 million cash total with the goal of having the people's republic not being able to ever seize that money, who cares about a few % tax on top of that.

but a local person mortgaging a property for a million as an investment getting saddled with a few % tax just took their 200k down payment and added another huge chunk of cash on top they'll need to save up.

[Sorath]

Not only that. what about the little guy, worked all his life so they can have a family vacation home on the island or shuswap or kelowna. Why do they get fucked because the government can't do a simple job

[Buster]

Capital controls are a bad idea. Always are.

I like the idea of reducing the PST, and increasing the property taxes somehow. Not sure how to struture it, exactly, but it might be a good way to do this.

[revelations]

They have no real way to enforce this, other than neighbours ratting out. With 20% of DT Vancouver condos being empty, this even less likely in a condo.

Obviously, the abandoned, 5 million dollar tear-downs are the ones they are targeting.

[lilmira]

let the neighbours take over unoccupied properties little by little mainland style

[kaput]

.

[zhao]

Originally posted by kaput


The rich Asian families just send their kids to Australia as students who then qualify as residents to get around the property ownership laws. It isn't uncommon for a 20 year old foreign student to buy a multi million dollar house.

And they are limited to only buying 1 property doing that, not 10+ which is better than nothing.

A student is not a PR or citizen either which means that loophole wouldn't work if you do what Kasem suggested.


Controlling foreign ownership is a good idea if you like making sure your citizens have options for living that doesn't take 6 generations to pay off, or doesn't involve commuting 3 hours to work a day.

[zhao]

Originally posted by Sorath
Not only that. what about the little guy, worked all his life so they can have a family vacation home on the island or shuswap or kelowna. Why do they get fucked because the government can't do a simple job

Exactly that too.


Even in china they have crazy amounts of regulations for foreign buyers and bans on foreigners buying property unless they lived or went to school there for a year. Why do we need to let foreigners play by the same rules as Canadian citizens? What do we owe them that we give them this privilege at no cost?

[msommers]

Originally posted by zhao
Or tax the ever loving shit out of non citizens / non PR's buying here. 50% 100%, whatever. Do what universities do to foreign students; make a killing off them to the benefit of the organization/country.

I like this idea! Reminds me of an article I was just reading about the ridiculous amounts of money coming out of China to get their kids into Ivy league schools:

https://www.1843magazine.com/features/the-long-march-from-china-to-the-ivies

[max_boost]

Yup. Can totally understand why the locals are pissed. You simply can't compete against the money bags!

If they aren't Canadians, tax them!