Posted on 05/05/2021 12:10:07 PM PDT by mylife
ASHINGTON – Canada is proposing a 1% tax on underutilized or vacant real estate owned by foreigners, thereby potentially foisting thousands of dollars of annual costs on Americans who own properties north of the border that they haven't been able to visit for more than a year because of the Covid-19 pandemic.
The tax, which would be implemented in 2022 if adopted as part of the Canadian budget for that year, is aimed largely at foreign investors who have been snapping up condos in Toronto and other booming Canadian cities. But cottage owners from the Buffalo area and others who own property in Canada are worried they will end up paying much more to own homes they can't even use at this point.
Canada may require proof of vaccination at border Canada may require proof of vaccination at border "As people start to travel again – perhaps this summer if everything goes well – it would make sense for us to align with partners around the world on some sort of proof of vaccination or vaccine certification," Canadian Prime Minister Justin Trudeau said.
"My initial impression is: 'So they want to kick us when we are already down?' " said JoAnn Boehm of the Town of Tonawanda, whose parents built a cedar cottage in Ridgeway in 1963 that she still stayed in regularly until last year's Covid-19-inspired border shutdown. "Many of us are not rich or high rollers. …The only reason our properties are underused/vacant is because of Covid restrictions."
(Excerpt) Read more at buffalonews.com ...
Are the Chinese exempt ?
*even if they are not in the legislation, that isn't nothing well placed graft can't fix.
rustbelt riviera
I wish he would as well, but he’s bringing hell here instead.
remember when we could move freely across the borders?
ACtually, I think we need that tax here.
That is what I was thinking.
Well as an investment property, maybe. But if I lived in Buffalo I wouldn’t choose a vacation home farther north.
Doesn’t sound like such a bad idea depending how it’s implemented .
Rust belt Riviera Oh Yea, had the best part of my life there, memories I’ll never forget.
The budget proposed by Canada’s Liberal government says the 1% tax would raise $700 million in Canadian dollars—or about $569 million in U.S. currency—over four years. …Not if the houses are sold off.
joyeux 5 mai hosers..
I had fun there and mexico
“especially fat Belgian bastards”
considering how much of USA is owned by Canadians,
this proposed new tax is very unworthy of the Canadian govt
“I see you have some money there. Give it to me.”
Plank #1 of the Communist Manifesto: Abolition of private property rights.
They have lots of wiggle room in “under-utilized”. You don’t rent it out to ethnic minorities? Under-utilized.
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