Real Estate

Brokerage paying the foreign buyers tax Ontario

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  • May 21st, 2017 3:48 pm
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Deal Addict
Feb 9, 2009
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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.
Well should l compare to hell holes like Bronx and queens ? Hey guess what buddy go to Jane and finch and there's affordability ... that's equal to some of the ghettos there ...
Deal Addict
Feb 9, 2009
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^ 3 downvotes -- LOL.. Come on I am right, give me your rationale. People want to say NYC is cheap around Manhattan but yeah the ugly rundown areas are cheap. Brooklyn is getting very expensive now. Suburbs like Greenwich and Manhassat are expensive. Suburbs like Newark are not cause it has a high crime area. You want to live in an area with higher crime than Jane and Finch?

The demos are little different there than here.

Also the average price of an apartment (Condo) is now over $2 million USD ($2.7 million Canadian) http://fortune.com/2016/12/14/manhattan ... ate-price/

These are just apartments, not single detached houses (which very few to virtually none in Manhattan) and probably several million more. So yeah its way more expensive on an income basis than Toronto is, even if you account for it's importance in the world and slightly higher average income.

Most people who want to live in the action have to scrimp up roommate to afford the rent in Manhattan. Average rent of a ONE BEDROOM apartment is $3250 USD (almost $4500 CDN PER MONTH FOR A ONE BEDROOM)
http://www.mns.com/manhattan_rental_market_report

So yeah dont tell me we are expensive here....
Last edited by Sanyo on May 18th, 2017 5:32 pm, edited 1 time in total.
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May 8, 2017
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Sanyo wrote:
May 18th, 2017 5:32 pm
^ 3 downvotes -- LOL.. Come on I am right, give me your rationale.
"Arguing with idiots is like playing chess with a pigeon. No matter how good you are, the bird is going to shit on the board and strut around like it won anyway."
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Deal Addict
Feb 9, 2009
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SmugDruggler wrote:
May 18th, 2017 5:55 pm
"Arguing with idiots is like playing chess with a pigeon. No matter how good you are, the bird is going to shit on the board and strut around like it won anyway."
Again what's your rationale except each time you duck the answer!?!? Answer it... come on.
Sr. Member
Sep 30, 2011
623 posts
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MISSISSAUGA
ibuddler wrote:
May 18th, 2017 2:00 pm
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).
But why someone has to redistribute their after-tax earning again with you?
How do you think Canadian cannot afford TH still subject to 30% - is a blame to a Chinese person who was lucky not ripped off by Canadian government yet.
Jr. Member
Oct 15, 2012
112 posts
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TORONTO
napoleonbot wrote:
May 19th, 2017 9:08 am
But why someone has to redistribute their after-tax earning again with you?
How do you think Canadian cannot afford TH still subject to 30% - is a blame to a Chinese person who was lucky not ripped off by Canadian government yet.
Interesting, all the benefits we take for granted are from tax dollars, such as Healthcare, EI, etc thanks to the redistribution of wealth. If a person can afford multi-million dollars house but still apply for low-income welfare, they are abusing the system.
I guess you must have no issue with a person driving a Bentley, wearing Vacheron Constantin, living in a multimillion mansion goes to a food bank on regular basis.
Sr. Member
Sep 30, 2011
623 posts
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MISSISSAUGA
VampireJames wrote:
May 19th, 2017 10:35 am
Interesting, all the benefits we take for granted are from tax dollars, such as Healthcare, EI, etc thanks to the redistribution of wealth. If a person can afford multi-million dollars house but still apply for low-income welfare, they are abusing the system.
I guess you must have no issue with a person driving a Bentley, wearing Vacheron Constantin, living in a multimillion mansion goes to a food bank on regular basis.
I see "driving a Bentley, wearing Vacheron Constantin, living in a multimillion mansion goes to a food bank", an extreme and rare RFDer but no biggie; However I also see "drug over-dose blow up emergency room on exact day that welfare cheque out" a serious social / cultural issue, - many that saved from the ER are part of the FB hater.
LOL
Last edited by napoleonbot on May 19th, 2017 11:29 am, edited 2 times in total.
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Feb 9, 2009
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VampireJames wrote:
May 19th, 2017 10:35 am
Interesting, all the benefits we take for granted are from tax dollars, such as Healthcare, EI, etc thanks to the redistribution of wealth. If a person can afford multi-million dollars house but still apply for low-income welfare, they are abusing the system.
I guess you must have no issue with a person driving a Bentley, wearing Vacheron Constantin, living in a multimillion mansion goes to a food bank on regular basis.
Is there a confirmation of how many "wives" are collecting welfare while living in a $10 million mansion? Or is this the misinformation thats out there?

Yes there is a student that lives in a $20 million mansion in Vancouver paid by the Dad. There is NO RESTRICTION on a foreigner to purchase a property here for their kids. The thing that drives some people up the wall (and not proven) is that they arent paying cap gains taxes... and in which this is the responsibility of the CRA to start collecting cap gains at the source...

Otherwise whats the issue? There are thousands of foreigners all over the world that buy property. Canadians buy property in Florida. I don't know the US system but I'm pretty sure you have declare the property to the CRA if it's over $100k and again not sure if the US has a deduction of cap gains at source... in which case a) if they dont it's a voluntary system, no doubt some Canadians abuse it and maybe dont declare the gains themselves or b) if they do why isnt the CRA also asking for source deduction.

The blame isnt on the foreigner, it's on our incompetent system.
Jr. Member
Oct 15, 2012
112 posts
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TORONTO
Sanyo wrote:
May 19th, 2017 11:34 am
Is there a confirmation of how many "wives" are collecting welfare while living in a $10 million mansion? Or is this the misinformation thats out there?

Yes there is a student that lives in a $20 million mansion in Vancouver paid by the Dad. There is NO RESTRICTION on a foreigner to purchase a property here for their kids. The thing that drives some people up the wall (and not proven) is that they arent paying cap gains taxes... and in which this is the responsibility of the CRA to start collecting cap gains at the source...

Otherwise whats the issue? There are thousands of foreigners all over the world that buy property. Canadians buy property in Florida. I don't know the US system but I'm pretty sure you have declare the property to the CRA if it's over $100k and again not sure if the US has a deduction of cap gains at source... in which case a) if they dont it's a voluntary system, no doubt some Canadians abuse it and maybe dont declare the gains themselves or b) if they do why isnt the CRA also asking for source deduction.

The blame isnt on the foreigner, it's on our incompetent system.
U are right, I am ok with foreigners purchase property in Canada as long as they pay tax and benefits the local economy. I dislike the people come to Canada, living in a mansion or multi-million property and report 0 income to claim low-income welfare, this is ridiculous.
Jr. Member
Jun 24, 2011
158 posts
60 upvotes
West Lafayette, Indi…
VampireJames wrote:
May 19th, 2017 10:35 am
Interesting, all the benefits we take for granted are from tax dollars, such as Healthcare, EI, etc thanks to the redistribution of wealth. If a person can afford multi-million dollars house but still apply for low-income welfare, they are abusing the system.
I guess you must have no issue with a person driving a Bentley, wearing Vacheron Constantin, living in a multimillion mansion goes to a food bank on regular basis.
I have no problem with that. It's like somebody stopping at a drinking fountain. As a mature society we don't judge people going to food banks, or using any social services.
Jr. Member
Jun 24, 2011
158 posts
60 upvotes
West Lafayette, Indi…
VampireJames wrote:
May 19th, 2017 1:38 pm
U are right, I am ok with foreigners purchase property in Canada as long as they pay tax and benefits the local economy. I dislike the people come to Canada, living in a mansion or multi-million property and report 0 income to claim low-income welfare, this is ridiculous.
What's so ridiculous about it? Our tax system is based on income, not wealth. Nothing wrong with claiming legal welfare while not earning income. I could be making a million dollars and indulge myself into debt, or I could be sitting on a gold mine and still choose to live a frugal life. People base their lifestyles on the tax system, and you blame them for taking the shortest route? That's pretty ridiculous.
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Oct 15, 2012
112 posts
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TORONTO
IndustrialKid wrote:
May 19th, 2017 1:53 pm
What's so ridiculous about it? Our tax system is based on income, not wealth. Nothing wrong with claiming legal welfare while not earning income. I could be making a million dollars and indulge myself into debt, or I could be sitting on a gold mine and still choose to live a frugal life. People base their lifestyles on the tax system, and you blame them for taking the shortest route? That's pretty ridiculous.
I call it abusing the welfare system. If you are sitting on a gold mine, why would you take the resource that is meant for real low-income families? Whenever someone rips off a government welfare program it means there is less money there for others.
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Feb 9, 2009
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VampireJames wrote:
May 19th, 2017 2:18 pm
I call it abusing the welfare system. If you are sitting on a gold mine, why would you take the resource that is meant for real low-income families? Whenever someone rips off a government welfare program it means there is less money there for others.
I will say the only thing then is boomers sitting on million dollar cleared properties should not be allowed to collect GIS.
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Dec 27, 2009
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Ottawa, ON
Rothesay wrote:
May 17th, 2017 8:41 am
Simply based on the number seat counts, it will be very difficult to win any election without winning the 416/905 area code. Besides, if real estate prices were to crash in Toronto, it will be a government fiscal disaster and the rest of Ontario may pay for it via higher taxes as well as EI payments.

I'm curious as to why does homeowners in Ottawa care about Toronto prices? In fact, I feel sorry for home owners in Ottawa. They haven't seen much growth in terms of real estate value in recent years, yet the recent Fair Housing Plan has negatively affect them as investors will think twice before buying any rental properties in the province of Ontario.
Most of us homeowners in Ottawa prefer a sane market where people can actually afford to buy a home and live a decent life - which is what we have here. Toronto can keep the insanity.

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