Requirements, exclusions of the proposed Underused Housing Tax Act

By Don MacKinnon and Jimmy Zhang ( April 12, 2022, 11:19 AM EDT) -- As made clear in the 2022 Federal Budget, the Government of Canada has a mandate to curb foreign investment and speculation in residential real estate throughout Canada. The federal government wishes to ensure housing is owned by Canadians instead of foreign investors and intends to monitor the impact that foreign money is having on housing costs within Canada, especially in the heated Vancouver and Toronto real estate markets. This mandate is supported by Part 2 of the proposed Federal Bill C-8, the Underused Housing Tax Act (the Act), which was introduced into the House of Commons back in December 2021 and is currently awaiting Third reading....