In communities across the country, the recent and rapid rise in housing prices has made finding an affordable place to call home increasingly difficult. For many Canadians, the most important investment they will ever make is the purchase of a home. Increasingly, however, that dream is becoming unaffordable and unattainable for middle class Canadians and for Canadians working hard to join the middle class.
Houses should not be passive investment vehicles for offshore money. They should be homes for Canadian families. That is why, in the recent federal budget, the government announced its intention to implement Canada’s first-ever national tax on non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. This one per cent tax would go into effect on January 1, 2022, to help support investments in housing affordability.
Today, the Government of Canada, through the Department of Finance, is launching consultations with stakeholders on the design of this proposed new tax.
Full details on the government’s proposed approach can be found in the related background paper. Stakeholders are invited to provide their views on the government’s proposed approach by September 17, 2021.
Article Written By: Government of Canada, E-Services for Businesses
Original Article Posted on: Aug 6, 2021
Link to Original Article:https://www.canada.ca/en/department-finance/news/2021/08/government-launches-consultations-on-proposed-tax-on-vacant-homes-owned-by-non-resident-non-canadians.html