In America we just tax the f*ck out of the citizens so they can be offered all kinds of government programs.
The Ontario government is hiking its tax on foreign homebuyers ahead of a provincial election campaign where affordability is expected to be a key issue.
In a news release issued on Tuesday afternoon, the province confirmed it would increase its non-resident speculation tax from 15 to 20 per cent starting tomorrow.
The government said the tax would be expanded province-wide. Previously it only applied to properties purchased in the Greater Golden Horseshoe Region in southern Ontario.
“Young families, seniors and workers are desperate for housing that meets their needs. But a lack of supply and rising costs have put the dream of home ownership out of reach for too many families in the province,” Minister of Finance Peter Bethlenfalvy said in the release. “That is why our government is adopting the most comprehensive non-resident speculation tax in the country. Our government is working to increase supply and help keep costs low for Ontario families and homebuyers, not foreign speculators looking to turn a quick profit.”
h/t ST. FLOYD OF FENTANYL