Originally posted by Davo36
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Ontario Canada Introduces Property Measures
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Originally posted by Wayne View PostNo he said that the law was introduced in 2015 and the rate was changed 'now' (presumably 3 months ago).
I don't know how 2015 to 2017 is 3 months. In our alternative universe it is 2 years. And did nothing. Hence the tripling of it now.
It's only been in for 3 months Dean. So maybe it will work in time, who knows. But it could well be that the owners are wealthy and the capital gains are way bigger than this tax, so might not have any effect.Squadly dinky do!
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Why not just make them build new like Australia and kill two birds with one stone?Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Originally posted by Nick G View PostWhy not just make them build new like Australia and kill two birds with one stone?
Does need to be policed (as all of these measures do I guess), because in Aussie, there were many cases - some very high profile - where Chinese buyers, the vendors, and the agents all ignored the rules and existing (not new) property was sold to the Chinese buyers.Squadly dinky do!
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Originally posted by Davo36 View PostYep I think that would be a really good measure.
Does need to be policed (as all of these measures do I guess), because in Aussie, there were many cases - some very high profile - where Chinese buyers, the vendors, and the agents all ignored the rules and existing (not new) property was sold to the Chinese buyers.
Also, in the Assie case weren't they forced to sell again?
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I think the loophole was they could buy existing if they wanted to rebuild. Which... who cares. That seems like an edge case for people with silly money.Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Originally posted by Nick G View PostWhy not just make them build new like Australia and kill two birds with one stone?
The result?
Mr Hu Got Do does not want to live in (the Australian version of) Pokeno, Huapai or Silverdale.
So he buys a piece of land in (the Australian version of) Takapuna, Mission Bay or St Marys Bay.
He then builds his compulsory new build house there.
(Of course there is already an existing house on that piece of land, but a days work with a bullldozer takes care of that).
So the short answer is - there is always a way around a bureaucratic rule.Last edited by flyernzl; 02-05-2017, 11:38 AM.
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DFTBA
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Look what Aussie is doing:
In Australia, another emergency tax change has instituted a 12.5% special tax on foreigners selling property there if the value is over $750,000 - which accounts for just about everything in Sydney and Melbourne. These are new ATO rules introduced to stop foreign property owners avoiding capital gains tax.
Link
Squadly dinky do!
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Hello,
Do you have any updates about this project?
I didn't found any news about it on this website https://www.homeads.ca/ ....
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