Real Estate

Brokerage paying the foreign buyers tax Ontario

  • Last Updated:
  • May 21st, 2017 3:48 pm
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Sr. Member
Sep 30, 2011
731 posts
169 upvotes
MISSISSAUGA
NuclearBlast wrote:
May 17th, 2017 3:14 pm
They are NOT legally allowed to declare 0 income if they are PR or Canadian citizens and the husband makes mega bucks (regardless where in the world). Just because it's very hard for CRA to enforce it doesn't mean it's legal.
Get your jealous mind sort out, if they didn't earn income that from Canadian economy, why they are subject for tax.
Even US citizen who are required to report world-wide income, yet those worldwide income are mostly taxed on where is earned through tax agreement, not Canadian earning then no Canadian tax.

It is Canada's problem: why you have rich people right here, but unwilling to do business?
Because of government/union/hydro cost rip-off..., then you should blame policy problem rather blame foreign investor for their economic decision on morale basis.
Sr. Member
Jun 12, 2007
880 posts
151 upvotes
GTA
napoleonbot wrote:
May 17th, 2017 3:27 pm
Get your jealous mind sort out, if they didn't earn income that from Canadian economy, why they are subject for tax.
Not for tax, but they shouldn't be eligible for benefits (e.g. welfare) that canadian families with real 0 income are eligible for.
Sr. Member
Sep 30, 2011
731 posts
169 upvotes
MISSISSAUGA
NuclearBlast wrote:
May 17th, 2017 3:43 pm
Not for tax, but they shouldn't be eligible for benefits (e.g. welfare) that canadian families with real 0 income are eligible for.
How did you get that out of your mind.
Investor at least paid property tax / HST / LTT / and do drive economy at least call it "local tourism", so they do not deserve benefits? Then what a Canadian families with real 0 income contribute any that deserve it?
Member
Mar 25, 2017
210 posts
104 upvotes
Boohoo If I had money 6-7 years ago I could have bought a 3000 SQFT detached home but I didn't and right now I can only do a townhome at max. If I had the same maturity and knowledge I have now I could have became a millionaire then. That is life, you should be grateful for what you have. If you want a bigger house, find a way to make more money rather than hoping the market would crash and every homeowner burns.
Deal Addict
Feb 9, 2009
4654 posts
2336 upvotes
worldpositive wrote:
May 17th, 2017 6:06 pm
Boohoo If I had money 6-7 years ago I could have bought a 3000 SQFT detached home but I didn't and right now I can only do a townhome at max. If I had the same maturity and knowledge I have now I could have became a millionaire then. That is life, you should be grateful for what you have. If you want a bigger house, find a way to make more money rather than hoping the market would crash and every homeowner burns.
Agreed bears are getting sad and pathetic .. if re reverted to the mean in every city I should soon be able to afford a brownstone townhouse in manhattan... oh wait ...
Banned
User avatar
May 8, 2017
458 posts
735 upvotes
Sanyo wrote:
May 17th, 2017 6:16 pm
Agreed bears are getting sad and pathetic .. if re reverted to the mean in every city I should soon be able to afford a brownstone townhouse in manhattan... oh wait ...
New York is more affordable than Toronto. NYC is 5.7 times the median wage. Toronto is 7.7.
_____
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Deal Addict
Feb 9, 2009
4654 posts
2336 upvotes
SmugDruggler wrote:
May 17th, 2017 6:30 pm
New York is more affordable than Toronto. NYC is 5.7 times the median wage. Toronto is 7.7.
Not affordable to live in Manhattan
Member
Jul 16, 2006
313 posts
143 upvotes
Let's go back in Time and push after things backwards instead of moving forwards..

It's just this mentality that is the reason why everything it taking forever to develop
Sr. Member
Nov 3, 2009
635 posts
178 upvotes
Calgary
I think it's all about the demand and supply.

Here in Calgary, when the oil price goes down, the renting market goes down, so the house price drops. Investors both domestic and foreign are the key factor to push the market. If they can't make revenue from the real estate, they will invest the money in other place (like the money market). The foreign tax won't do any good or bad to the market itself if the demand to buy homes really is rigid or inelastic. Those who want the house price drops, you are basically looking for an economic crash and major layoffs like happened here in Calgary in the past 2 years.

As for tax and benefit, I believe the government should decrease the tax and cut the welfare. I encourage more foreign investors come to Canada because this country is built by immigrates. But at the same time, I discourage/don't like them living in a multi-million house, paying 0 income tax and getting all the benefits (health, child, low-income etc.)
Jr. Member
May 26, 2008
122 posts
156 upvotes
SmugDruggler wrote:
May 17th, 2017 6:30 pm
New York is more affordable than Toronto. NYC is 5.7 times the median wage. Toronto is 7.7.
And that's as of 2016. Given the recent YoY appreciation Toronto has to be 9 or 10.
Last edited by nickelplate on May 18th, 2017 1:47 pm, edited 1 time in total.
Jr. Member
May 26, 2008
122 posts
156 upvotes
Sanyo wrote:
May 17th, 2017 6:44 pm
Not affordable to live in Manhattan
You're comparing a single borough to all of Toronto. You're also picking the borough that hosts the largest business district in the world, dwarfing Toronto many times over. Manhattan is not representative of affordability in NYC as a whole.
Sr. Member
Nov 3, 2009
635 posts
178 upvotes
Calgary
napoleonbot wrote:
May 17th, 2017 4:57 pm
How did you get that out of your mind.
Investor at least paid property tax / HST / LTT / and do drive economy at least call it "local tourism", so they do not deserve benefits? Then what a Canadian families with real 0 income contribute any that deserve it?
You are mixing the concept of property tax, GST/HST and income tax. What he referred are these have 0 income, pay 0 income tax but benefit from all low-income welfare and living in a multi-million house while others paying 30% tax and can't afford a townhouse. The income tax system is a way of redistribution of income and wealth or bring "fairness and equal" to everyone. You'll probably see there's no fairness in the above example and I can see why people are upset at the government (foreign buyers tax).
Member
Sep 16, 2009
272 posts
86 upvotes
nickelplate wrote:
May 18th, 2017 1:50 pm
You're comparing a single borough to all of Toronto. You're also picking the borough that hosts the largest business district in the world, dwarfing Toronto many times over. Manhattan is not representative of affordability in NYC as a whole.
Good god. Have you ever lived in New York? Do you even know the real estate taxes and crazy co-op fees? Not to mention the shitty condos that you get for your money. I agree Toronto has run up in prices but it is so so far from new york prices. You can always live in a crappy area of queens of bronx but try buying in an area remotely comparable to high park or mid town or even north york and you will get a true comparison. Or how about compare yorkville to upper east side. Real estate is such a local game - you can barely compare mississauga to markham, let alone toronto to new york.
Sr. Member
Nov 3, 2009
635 posts
178 upvotes
Calgary
nickelplate wrote:
May 18th, 2017 1:50 pm
You're comparing a single borough to all of Toronto. You're also picking the borough that hosts the largest business district in the world, dwarfing Toronto many times over. Manhattan is not representative of affordability in NYC as a whole.
When people talk about New York or NYC, it's just Manhattan.
oasis2002 wrote:
May 18th, 2017 2:23 pm
Good god. Have you ever lived in New York? Do you even know the real estate taxes and crazy co-op fees? Not to mention the shitty condos that you get for your money. I agree Toronto has run up in prices but it is so so far from new york prices. You can always live in a crappy area of queens of bronx but try buying in an area remotely comparable to high park or mid town or even north york and you will get a true comparison. Or how about compare yorkville to upper east side. Real estate is such a local game - you can barely compare mississauga to markham, let alone toronto to new york.
I agree. Toronto's living cost can't be compared to NYC. Let transportation be alone, driving in NYC costs way more than any cities in Canada or North America, well, unless you don't mind to ride MTA. Also we pay way less property tax than our neighbor.

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