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【Vancouver Sun】Canada federal foreign real estate speculator tax expected to pass

【Vancouver Sun】Canada federal foreign real estate speculator tax expected to pass

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A federal tax on foreign real estate speculators is expected to be passed by Parliament, according to Blacklock’s Reporter.

The first of its kind, the equity tax will penalize foreign real estate buyers by 1% and the Parliamentary Budget Office expects the tax to rake in revenues of $217 million in the first year.

The tax would apply to all residential properties owned by non-Canadians — including corporations and trusts — but homes, condos and townhomes that are rented to tenants who are not immediate family members will be exempt.

Prime Minister Justin Trudeau and his Liberals campaigned on taxing offshore buyers.

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