Foreign Real Estate Buyers in Vancouver Facing New Tax
It’s no secret that many wealthy individuals own multiple homes, including vacation homes in foreign countries. In an effort to capitalize on this popular trend amongst the wealthy, many countries and/or cities have created new taxes aimed specifically at wealthy real estate buyers from foreign countries. Among the latest locations to enact a new tax on wealth property buyers is Vancouver, BC in Canada.
According to recent reports, the housing market has seen a huge shopping spree lately in the area as many wealthy foreign buyers, especially from China, have been snatching up homes at a fast pace. In fact, foreign buyers spent more than a billion dollars on homes and property in British Columbia between June 10 and July 14 of this year alone. With the increasing demand for property in BC, housing prices have soared almost 30 percent in the last year, which has left many local buyers unable to compete for these homes.
Therefore, in an effort to keep things fair, the British Columbian government has issued a new 15 percent tax, which will apply, to all “foreign nationals or foreign-controlled corporations” purchasing property in the metropolitan Vancouver area. BC is not the first place to issue such a tax. Australia and Singapore both recently raised the tax on foreign real estate buyers as well. The BC government said that anyone who attempts to avoid the new tax could face fines in the six figures and up to two years behind bars.
http://www.cnbc.com/2016/07/26/wealthy-overseas-buyers-to-face-new-real-estate-tax-in-vancouver.html
Cyclical Stocks: Ins and Outs, Ups and Downs
Cyclical Stocks: Ins and Outs, Ups and Downs A company can provide outstanding goods or stellar services. It can be well run by a board of directors and officers who choose the best and the brightest of employees, who, in turn, manage day-to-day business operations with skill and finesse. Seems as if purchasing shares of…
Gulf Oil Spill: Questions and Answers
Gulf Oil Spill: Questions and Answers Source: IRS.gov Posted: 7/2/2010 Q1. Is a taxpayer required to include in gross income payments the taxpayer receives for lost business income, lost wages or lost profits? A1. Yes. The law requires that a taxpayer include in gross income payments the taxpayer receives for lost business income, lost wages…
Free Money For College Students
Free Money For College Students College. Tuition, books, housing, computer, food, etc… Sound familiar? These items are just a few of the many frequent expenses encountered in a student’s college career. The government made education credits to try and offset these expenses by giving tax benefits to them. From a tax standpoint, Education credits have…
When Good Fortune Comes Your Way
When Good Fortune Comes Your Way Whether expected or not, an inheritance, divorce settlement, severance package or pension payout, proceeds from the sale of a business, life insurance, legal judgments, or even lottery winnings—all can put in your hands the equivalent of several years of earnings. Now you’re at a crossroads—suddenly called upon to switch…