The audit focused on 328 higher-end sales in the suburbs Burnaby and Coquitlam, but the study also analyzed a random sample of 6,060 sales from Vancouver and neighbouring Richmond and discovered “similar demographic results.”
“It should be noted that an obvious large discrepancy exists between the average total family incomes for long-term Canadian residents and newer Canadian residents,” the author of the memo wrote to his CRA boss. “Furthermore, based on lifestyle and average age of these taxpayers, it is likely that many of these new Canadians still have active business activities, but are not reporting all their sources of income.
Andy Yan, a housing analyst and director of Simon Fraser University’s city program, said the federal government has a lot of tools – such as home loan data and analysis of social demographic changes in neighbourhoods – through which it can confirm or refute how widespread these investment patterns have been. But, ultimately, he said, the CRA has not effectively enforced the country’s tax rules, helping create an unfair system where foreign capital is stored in residential real estate.
Mr. Kurland said more provinces need to follow B.C.’s lead in requiring that homebuyers declare their country of residence for tax purposes as well as create a registry for beneficial owners –people to hide real estate investments behind corporations, trusts or partnerships.
Every patriotic Canadian needs to read this to see how our politicians, most of them Liberals, sold out Canada to Chinese money-launderers parasitizing our housing market.
Globalists sold out canada a long time ago, and Turdeau is their current master Puppet.
Interestly, coincided w the most recent wave of mass migration, for which the insanities of the market provided housing & some chance of building financial security for new immigrants. Wld've been nicer to have a legitimately stable economy that cld provide real opportunities.
Project Sidewinder, find the PDF and read it. Outlines all you need to know. Then go read all the press releases that followed that document by government officials & media. The game has been going on for a long time the politicians/media have been covering it up.
For 3 decades Liberals and Conservatives have passed laws favouring predatory flippers over ordinary Canadians who simply want a decent affordable house to live in.
Tigerlily874 Governments would rather have us think of it as 'investment'
Over to theJagmeetSingh to rebut the sad history of LiberCons on the HousingCrisis. Which debate journalist will ask Trudeau & O'Toole about their party's sorry record/secrecy on foreign ownership TaxEvaders, MoneyLaundering & affordablehousing? cdnpoli Elxn44 CBCAlerts
iancampbell and rohanarezel doing the work of our crack MPs and MLAs. Why?
And yet they have no problem pushing the working class to the brink of unaliving
Canada is selling itself to China!!
Please publish more articles like this on the other large housing Markets like Toronto.
And you are just figuring this out now ?!
Another economic indicator that Canada is heavily dependent on foreign investment to thrive due in part of our undervalued currency.
Canadian economy relying on Chinese money too much.
Money changes everything
If you read the article, you can figure out CRA CanRevAgency is incapable to find out how low income earners can buy properties with cash and can have million dollar in assets. Like right now, businesses are giving away cash money to international students, no 1 knows how ?
The biggest problem is artificially supressed interest rates which has fostered a wealth transfer from wage earners to asset holders by devaluing the purchasing power of the currency.