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
Right, "tax expert", stick with what you believed about China, and keep wondering "how this fucking country get so rich and powerful" ?
About price increase, I pointed out that at this board 10 years ago: " history told us, Vancouver housing price doubles itself each and every 10 years". Well you can see my statement is still correct now... sorry I have no PHD in economics. Is it caused by "foreigners and their money"? Absolutely, at least for this wave of price increasing, free trade makes world smaller. And it is not a secrete here, we told this board again and again for years but no bear want to believe us, they just keep whine.... now you come here to tell me how shit local gdp was?
About government, as i said, it is smarter than you guys, Canada needs immigrants and their money badly, and is competing with other countries. Why? there is long story I have no time and will to touch it.
