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Originally Posted by lio45
Actually the part that's literally illegal is to report a given multimillion-dollar property as one's primary residence when actual GPS tracking would show the individual in question spends most of their time elsewhere. In other words, tax evasion of the entirety of the potentially-taxable capital gains at resale.
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I would agree representing that a property is your primary residence when it is not is tax evasion and needs to be punished.
Quote:
Originally Posted by lio45
Except for that, I don't disagree THAT much with you, for once. (As I said earlier though, if we're going to allow all that money to flow in, we should be smart enough to direct it to more productive sectors of our economy.)
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We also agree on that to some extent. I am all for creating incentives for this.
Here in BC one of the options through the provincial sponsorship program was to invest in a private company. There were certain rules, it had to have been a company that was in operation in BC for a certain period of time. Certain value, you had to hold the company for a certain period of time, hire at least one more Canadian worker etc. The impact of that program where immigration consultants were traveling around BC with tour buses full of investors visiting small little retail store or mom-pop restaurants on investor tours.
The new owners were not interested in well run business and would dump them as soon as they hit the minimum time period to get the permanent states.
It was screwed up to say the least.
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Originally Posted by P'tit Renard
Typical Casper fashion, going off on a tangent to distract and deflect. No one is questioning the validity of the source of cash. Rather what Lio's suggesting is to funnel this money away from real estate and into VC funding for startups and Canadian entrepreneurs (who are desperately starved of funding, because our whole banking system is hijacked by residential mortgage funding, and banks are incentivized by the federal government to keep blowing up their mortgage loans books). Because as you've said before, Canadians can't handle seeing their homes depreciate, bless the poor souls of Canadian Boomer homeowners.
Of course in this country, real estate prices uber alles, so in typical Canadian fashion, we're going to continue to marginalise and decimate VC (and pretty much every other sector of the Canadian economy) in favour of pumping up residential real estate and MBS securities.
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As you probably know, I am not a boomer.
All for venture capital being a more valid path to residency. In fact we have that as an option in BC for a number of years.