Real Estate

Brokerage paying the foreign buyers tax Ontario

  • Last Updated:
  • May 21st, 2017 3:48 pm
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Member
Oct 13, 2011
423 posts
189 upvotes
gimegime wrote:
May 17th, 2017 11:40 am
Totally agree!

I really don't understand why people here hate foreign buyers.
I don't like them if they don't pay their tax. ie. Not reporting rental income or capital gain. And I also don't like the ones that freeload the health and education system by sending their kids and parents here as landed immigrant but not reporting their global income and pay their fair share of Canadian income tax.

Otherwise, I have no issue with them and welcome their investment.
Member
Jul 16, 2006
312 posts
143 upvotes
Rothesay wrote:
May 17th, 2017 11:59 am
I don't like them if they don't pay their tax. ie. Not reporting rental income or capital gain. And I also don't like the ones that freeload the health and education system by sending their kids and parents here as landed immigrant but not reporting their global income and pay their fair share of Canadian income tax.

Otherwise, I have no issue with them and welcome their investment.
I also have problems with Canadians mooching off the system as well.
Member
Oct 13, 2011
423 posts
189 upvotes
rich24 wrote:
May 17th, 2017 12:10 pm
I also have problems with Canadians mooching off the system as well.
Same here, and this is the government fault as I believe this is a law enforcement issue.
Last edited by Rothesay on May 17th, 2017 12:15 pm, edited 1 time in total.
Deal Addict
Feb 9, 2009
4327 posts
2091 upvotes
Rothesay wrote:
May 17th, 2017 11:59 am
I don't like them if they don't pay their tax. ie. Not reporting rental income or capital gain. And I also don't like the ones that freeload the health and education system by sending their kids and parents here as landed immigrant but not reporting their global income and pay their fair share of Canadian income tax.

Otherwise, I have no issue with them and welcome their investment.
Trust me there are far more Canadians not paying income tax than foreigners. At least foreigners come in and spend money unlike some people who rely on govt handouts ..
Sr. Member
Dec 23, 2010
640 posts
212 upvotes
Ottawa
I disagree completely with the idea that Canada should sell itself to the highest bidder.
Member
Oct 13, 2011
423 posts
189 upvotes
Sanyo wrote:
May 17th, 2017 12:16 pm
Trust me there are far more Canadians not paying income tax than foreigners. At least foreigners come in and spend money unlike some people who rely on govt handouts ..
I just filed my income tax to the IRS, based on the amount of income tax I paid to Uncle Sam, plus the money I spent on property management, repairs and maintenance expenses, insurances, property taxes, etc and the associated employment I created. I do see the benefit of foreigners investing in another country.

Thus, the ones that pays their fair share of tax, I do welcome them to the country. And as tax payers wouldn't you want to minimize the number of people free loading off the system? If they don't intended to pay their fair share of tax and contribute to the country, do you really want them to be here in the first place?
Last edited by Rothesay on May 17th, 2017 12:18 pm, edited 1 time in total.
Deal Addict
Feb 9, 2009
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Rothesay wrote:
May 17th, 2017 12:18 pm
But as tax payer wouldn't you want to live in a country where there are less people free loading off the system?
Who you talking about that's freeloading ?
Deal Addict
Jul 23, 2014
1053 posts
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Toronto, ON
at1212b wrote:
May 17th, 2017 10:25 am
I just signed documents to close on a house. They now ask for your passport or citizenship as verification is needed. Sign a bunch of other disclaimers. But the lawyers seemed a bit annoyed that all this has come down to them to basically be liable for.

He said just this requirement alone has had a huge impact that he could see. From what I can see, It's not just the price. It's the higher paper trail, uncertainty, and having to put yourself out there in the light in any way, people want to avoid and stay in the shadows.

Older, but funny guy. Can tell he's been through alot of deals. He's like "People like you (meaning small time, local, salary earning ppl), you got nothing to worry about. But it's the ones with the BIG money, the ones that spend millions like nothing with money from abroad, they're always looking over their shoulders. Worried that someone is coming after them (meaning tax authorities, their own government, may certain shady people, laundering type people). This new rule, they hate to even be providing that type of ID

Another realtor at a open house in Scarborough also said the new rules has had a huge impact. The money from China, India, Middle East, Russia, etc., all stopped just like that following the new rules. He's like forget it. No more bidding wars on these type of houses (typical suburban). And the reasons why there's so much listings is people held on like crazy as long as their assets kept going up. But with it now flat/declining from the watermark highs, they're trying to cash in before it goes down even more.

Overall, I'm glad it's returning to more stability and normalcy. Housing is still great LONG-TERM over decades. Those trying to game and play to win in the short-term, good that many have been caught trying to flip and profit like that.
I always said... when people with money have the will to make more money, they will do it. Do you know why? because they know the consequence is a slap on a wrist monetary fine (which is inconsequential to them AND if they get caught lol). Of course they'll take that risk, what do they have to lose?

The juice is worth the squeeze!
Member
Oct 13, 2011
423 posts
189 upvotes
Sanyo wrote:
May 17th, 2017 12:25 pm
Who you talking about that's freeloading ?
People who should and have the ability to pay tax and decide not to do so.
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User avatar
Mar 31, 2008
9402 posts
1178 upvotes
Toronto
Rothesay wrote:
May 17th, 2017 11:59 am
I don't like them if they don't pay their tax. ie. Not reporting rental income or capital gain. And I also don't like the ones that freeload the health and education system by sending their kids and parents here as landed immigrant but not reporting their global income and pay their fair share of Canadian income tax.

Otherwise, I have no issue with them and welcome their investment.
How about ones that widen their drive way beyond what's legally allowed, have multiple families living there, park on the streets so it's hard to get out for others, or sometimes, park over the sidewalk on the blvd, some not mowing the lawn or not caring about general house maintenance.
Member
Oct 13, 2011
423 posts
189 upvotes
at1212b wrote:
May 17th, 2017 12:41 pm
How about ones that widen their drive way beyond what's legally allowed, have multiple families living there, park on the streets so it's hard to get out for others, or sometimes, park over the sidewalk on the blvd, some not mowing the lawn or not caring about general house maintenance.
I'm fine with those as they are very visible from others and I'm sure one of their neighbours will contact the proper authorities to take care of the issues mentioned. :)
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Feb 9, 2009
4327 posts
2091 upvotes
Rothesay wrote:
May 17th, 2017 12:34 pm
People who should and have the ability to pay tax and decide not to do so.
welfare bums?
Member
Oct 13, 2011
423 posts
189 upvotes
Sanyo wrote:
May 17th, 2017 1:18 pm
welfare bums?
Yup. If they have the ability to work and pay taxes and decide to collect welfare instead.
Deal Addict
Feb 9, 2009
4327 posts
2091 upvotes
Rothesay wrote:
May 17th, 2017 12:18 pm
I just filed my income tax to the IRS, based on the amount of income tax I paid to Uncle Sam, plus the money I spent on property management, repairs and maintenance expenses, insurances, property taxes, etc and the associated employment I created. I do see the benefit of foreigners investing in another country.

Thus, the ones that pays their fair share of tax, I do welcome them to the country. And as tax payers wouldn't you want to minimize the number of people free loading off the system? If they don't intended to pay their fair share of tax and contribute to the country, do you really want them to be here in the first place?
Yes this statement I agree. Many foreigners though pay their fair share since many of them immigrate here eventually (or kids). They pay int'l fees for tuition (well many freeloaders in Ontario plan to get a free ride now in uni... meaning since it's not their money let's slack off).

Now we have a FBT and we are now tracking foreign buyer purchase and people are still complaining. You cant shut out foreign investment completely. Work hard. If it's tough for you here MOVE. Lots of small towns in Canada you can move too.
Deal Addict
Feb 9, 2009
4327 posts
2091 upvotes
Rothesay wrote:
May 17th, 2017 1:20 pm
Yup. If they have the ability to work and pay taxes and decide to collect welfare instead.
I agree they should work. I hate welfare. It should only be in extreme cases and only for 6 months. Some people never have motivation to leave it.

But this is why I laugh at people who say "oh no foreigners pleasee" and yet 1/3rd of this country pays no taxes, receives many benefits. Cant have it both ways.

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