Real Estate Talks

our generous social programs

What are those generous programs? I can not recall any one of them. A new comer once asked me the same question, I tried very hard but failed to answer it. Can't blame me, What I know is that rental allowance of $375 in welfare hasn't been changed for years, probably for past 20 years, that can be called generous. Guys, we are piss poor, admitted. Do not live in your own small world any more.

Ohhhhh - so which is it? Canada is great place or Canada isn't a great place. Make up your mind.

Maybe jump back on the boat your crawled from and go somewhere else.

Thompson,

Vacation properties are allowed here but the property tax rate should be much higher than for Canadian citizens. As for the astronaut families well their wife & kids live here so the entire family is deemed to be Canadian residents for tax purposes. Just so you know I am one of those people you call a tax expert so I know what I am talking about. If Chinese are declaring their income in China then because of the foreign tax credit they wouldn't pay much more additional income tax in Canada. However, considering China is one of the most corrupt countries in the world this is not happening. They want to get their money out of China. Do you think they report the income on their Chinese tax return & then transfer it out of the country? Come on now. You tell me how Chinese government officials are multi millionaires when their salary is probably around $40,000 a year. I 'll tell you ... bribes, kickbacks, blackmail. I have friends who do business in China & these things are considered normal business practices. They can use this money to buy Canadian houses. If I practiced business like this in Canada I would be in jail.

Anyway, CRA is to blame here. I remember about 15 years ago when they used to do net worth tests on people. Canadians living in West Van (in back them 2 million dollar homes) were getting caught. It was easy for CRA. People declared $30,000 in income but CRA said your mortgage + 2 kids in private schools & car payments + living expenses = $150,000 per year well then your income must be at least $200,000 per year. A foreigner buys a house for 10 million in cash & no questions are asked. If CRA was stricter like the IRS is in the USA we wouldn't have a money laundering problem here in Canada.

Our government still denies that there are alot of foreign buyers in Vancouver. House prices up 25% last year. GDP & wages up 2% last year. You don't need a PHD in economics to figure out that foreign money caused the huge prices increases

About government, as i said, it is smarter than you guys, Canada needs immigrants and their money badly, and is competing with other countries.

But what to do about it if we can't tell people where to live

But what to do about it if we can't tell people where to live

Why do anything? Free markets and all, I was born in Canada and despite all the RE insanity in Vancouver now I choose to remain. It's a nice place, I can find what I need and not be bothered with the stuff that would otherwise bother me. Not so bad a life. And beats -30 with the wind chill...,:)

But what to do about it if we can't tell people where to live

Why do anything? Free markets and all, I was born in Canada and despite all the RE insanity in Vancouver now I choose to remain. It's a nice place, I can find what I need and not be bothered with the stuff that would otherwise bother me. Not so bad a life. And beats -30 with the wind chill...,:)

What are those generous programs? I can not recall any one of them. A new comer once asked me the same question, I tried very hard but failed to answer it. Can't blame me, What I know is that rental allowance of $375 in welfare hasn't been changed for years, probably for past 20 years, that can be called generous. Guys, we are piss poor, admitted. Do not live in your own small world any more.

Ohhhhh - so which is it? Canada is great place or Canada isn't a great place. Make up your mind.

Maybe jump back on the boat your crawled from and go somewhere else.

I am glad to take keys from your mother inlaw's hand and kick you ass out off the basement.

Everybody loves the invisible hand - yet those that love it didnt seem to complain in 2008 when the govt intervened when housing prices were collapsing.... Or when cmhc pushes risk from the banks to govt.

TDMA,

Just answer one question for me. A simple yes or no will do.