Migos
Active Member
http://www.theglobeandmail.com/repo...buying-real-estate-in-canada/article26683767/
Great investigative journalism by G&M. It's too bad most papers aren't actually doing real journalism anymore.
Some of the highlights:
-Chinese buyers claiming no income while simutaneously buying multi-million dollar houses with annual property tax bills in the tens of thousands
-Chinese buyers will hold the properties in the names of their wives or children to avoid capital gains taxes. They'll also hold property in corporations because it allows them to avoid land transfer taxes when selling (loophole in B.C.'s tax code).
-Another reason for having wives, children, or corporations holding the property is that they don't want their names to be listed in the land registry. This is likely because they don't want the Chinese government to find them since many are corrupt former party members who absconded with funds illegally.
-Further to the above, many put assets in others' names so that if China goes after them, their wealth is stored elsewhere.
At some point you have to think Canadians will insist on a stop to these practices. What will the impact be to real estate, particularly in a market like B.C. that is driven by foreign demand?
Great investigative journalism by G&M. It's too bad most papers aren't actually doing real journalism anymore.
Some of the highlights:
-Chinese buyers claiming no income while simutaneously buying multi-million dollar houses with annual property tax bills in the tens of thousands
-Chinese buyers will hold the properties in the names of their wives or children to avoid capital gains taxes. They'll also hold property in corporations because it allows them to avoid land transfer taxes when selling (loophole in B.C.'s tax code).
-Another reason for having wives, children, or corporations holding the property is that they don't want their names to be listed in the land registry. This is likely because they don't want the Chinese government to find them since many are corrupt former party members who absconded with funds illegally.
-Further to the above, many put assets in others' names so that if China goes after them, their wealth is stored elsewhere.
At some point you have to think Canadians will insist on a stop to these practices. What will the impact be to real estate, particularly in a market like B.C. that is driven by foreign demand?