Canada Must Implement A Foreign Home Buyer Tax

Our government must put Canadians first. It’s amazing that we even have to say that, but as we see in our Prime Minister and others, there are far too many politicians who forget that the government only exists because of taxes paid by the Canadian people.

It’s called the Canadian government for a reason.

It must serve Canadians.

That’s why – despite the fact that I loathe taxes – Canada needs foreign buyer taxes to make home ownership more affordable for Canadians.

Right now, the housing market in Vancouver (which has just recently implemented such a foreign home buyer tax), and Toronto (which has not), is absurdly high. More and more middle class Canadians are being blocked from home ownership by absurdly rising prices.

These price increases are not due simply to domestic demand, they are occurring in large part because wealthy people from around the world are buying up properties in our country at a record pace.

Of course, the market needs to remain open to individuals wishing to buy homes, but implementing a foreign buyers tax would ensure that we are giving an advantage to Canadian citizens.

Many foreign buyers are individuals who do intend to settle in Canada and become citizens. One way to distinguish between individuals in that category, and those who are just speculators driving up prices, would be to implement a “foreign speculation tax” that can be deducted if the foreign home buyer later files income taxes. This would avoid any unintended consequences.

Such a tax would need to apply nation-wide, as British Columbia is noticing that foreign speculators are simply buying up properties in Victoria to escape Vancouver’s tax. A nation-wide foreign home buyers tax would send a message that Canada is determined to make housing affordable for Canadian citizens.

Citizenship must have meaning

I say it often, and I’ll keep saying it: Citizenship must have meaning. While globalist elites like Justin Trudeau want to destroy the patriotic pride of being a part of a nation and replace it with a weak and meaningless “global citizen” idea, that’s not what most of us want.

We want our government to act in the best interests of our fellow Canadians, not do the bidding of foreign countries.

That’s why, when it comes to something as essential as housing, our government must ensure that Canadian citizens are not being pushed out of the market by foreign buyers, many of whom have no intention of ever living in Canada or ever paying taxes here.

As I said, I hate taxes. But when a tax can help stop foreign speculators and make housing more affordable for Canadians, that is something I can support.

We need to put Canadians first.

Spencer Fernando

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