Don't discuss topics you have no idea about. I Know how Canadian real estate taxation work. The Chinese hire lawyers and accountants so they know what to do, don't worry. India have a lot of problems. Best to focus your energy on your own problems. No need to thank me.
Okay pal, tell me what a bare trust is and where is it used? If you "Know how Canadian real estate taxation work", what will happen if Canadian Federal government starts taxing bare trust transactions, extremely heavily? And what will happen if vacant tax was increased to 10% of assessed value? And these were the only 'above ground' things. If the crackdown is increased heavily on 'below ground' transactions that happen in Vancouver casinos, then 'VIP gambler' will certainly have heart attacks in Macau. If you "Know how Canadian real estate taxation work" then you will realize what happens then.
Taxing vacant houses ? First how do they determine which house is vacant? White nationalists already discussed this but government isn't going for it. Second, the only strong sector of our economy is the housing. If they touch the golden goose than we will be in a recession with a housing crisis. Ontario tried implementing a foreign buyers tax and caused a temporary housing freeze but is up again. Why? Because lawyers already found a way to go around that or the rich foreign buyers don't care. the government tried this to decrease house prices but even so ,poor refugees and new immigrants from Syria and south Asia still cannot afford it.
Its already happening in Vancouver, BC, Mr "Know how Canadian real estate taxation work".
True, and I work in HVAC business, so my own bread and butter are on the line as well. That said, sooner or later this inflation of real estate will come to an end and enter in such a recession that it will meltdown the entire financial system of Canada. Also interestingly, this asset 'bubble' --if you call it so-- is limited to Vancouver, Toronto and to an extent Victoria with Montreal now entering in this house hoarding and more curiously Calgary, one of the business centres is simply not even in the same planet when it comes to this bubble. Point is, this is not an economic growth but more like a bubble fueled by Chinese foreign money and cheap loans to an extent. It needs correction and correction it will get.
Welcome to BC, we just increased the foreign buyer tax to 20% and now Chinese buyers are running away. You can deny bottom line only to an extent. Government is now forcing lawyers to divulge the names of property holders in bare trust funds. Once that is made illegal, there is nothing lawyers can do. May be they will still charge fees.
Actually those kind of houses are hit the hardest. Didn't you know those kind of houses have faced a correction of 20% in BC? Plus Vancouver introduced a house wealth tax on $3M+ houses, empty or not. If they push further and put it on $2M+ houses, where will crazy rich asians go? BTW, there is already a tax on property transfer.
