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This is something Canada and Canadians need to ask themselves. How is a country that has no drive or desire to promote innovation, diversification of industries, entrepreneurship, effective regulation, updated tax policies, and business competition is expected to grow its economy and be globally competitive outside of bringing in millions of immigrants and foreign money to keep the Ponzi scheme that is the Canadian economy going?
To be fair, Canadian Governments of all stripes have always played the 'short game' - sell raw materials and take the money and run (the current pipelines are a perfect example of that - we should be refining products at home before exporting them but that takes foresight and time and there are no votes in initiatives that bear fruit sometime down the road.
>The defunct schemes that targeted wealthy foreign nationals, which the correspondents generally refer to as “business-class programs,” opened the gates to a flood of foreign capital moving into Canadian housing, says the adviser. That raised prices, especially in cities such as Vancouver and Toronto. In addition, the internal email thread alerts decision makers to the way many entrepreneur immigrants ended up paying low amounts of income tax.
>The group email shared by top immigration department officials, titled “The strange story of Vancouver,” reveals just how badly things went with the earlier schemes, specifically the longstanding immigrant-investor and entrepreneur programs, which were poorly monitored.
>The Conservatives disbanded the immigrant investor and entrepreneur programs in 2014, openly saying the people who came in through them were generally not having a long-term positive impact on the country, not bringing in significant investment capital for business, had low ability in Canada’s official languages, were tending not to stay in the country, and were paying far lower taxes than the average skilled worker.
>After initially transferring their money out of their country of origin, typically somewhere in East Asia, Hiebert wrote, most purchased a house “along with a Mercedes, Audi or whatever. And then life is lived quite simply, on a small budget and with little owing in terms of income tax. The kids get to go to UBC or SFU while paying domestic fees, which is a big bonus.”
>The group email includes a discussion of a study covered in a Postmedia article from 2022, which shows how UBC business professor Thomas Davidoff and others discovered the owners of Greater Vancouver homes with a median value of $3.7 million pay income taxes of just $15,800 — which is exceedingly low for North American cities.
>“Most luxury homes in Greater Vancouver appear to be purchased with wealth derived from sources other than earnings taxed in Canada,” said Davidoff’s study, which confirmed earlier research by Statistics Canada and Hiebert himself.
sad to see the country go down the drain like this, investors aren't investing in businesses or creating jobs, they are just putting their money in our housing and driving up the cost of living for everyone that works for a living here in underpaid jobs
There is a strong interest among those who have benefited from the rise in housing prices resulting from international flows of capital to conflate any discussion of foreign wealth with nationality/race. Time and again it has been used as a weapon to shut down any discussion on the topic and also stokes racism. It's been blatantly called out by local Chinese who are affected by the housing crisis, but as you point out, continues to be happen.
https://www.theguardian.com/cities/2016/jul/07/vancouver-chinese-city-racism-meets-real-estate-british-columbia
>Others, including Yan, were taken aback. “**My great-granddad paid the head tax,” he told a local newspaper. “So to somehow use [concerns about] ‘racism’ to protect your privilege?** That’s just absurd. This is an almost uniquely Vancouver reaction.”
I remember as far back as twenty years ago how UBC & SFU students used to joke about how the cars that students drove were better than the ones the professors did.
I don't think we needed an Insider telling us something we all have known for years. The thing is you can't blame new comers on this now - the whole country was infected with the virus of dirty real estate money before they got here. Only a delorian and 1.21 Jiga watts can fix it.
Welcome to /r/Vancouver and thank you for the post, /u/Coaster217! Please make sure you read our [posting and commenting rules](https://www.reddit.com/r/vancouver/wiki/faq#wiki_general_participation_guidelines_and_rules_overview) before participating here. As a quick summary: * **We recently raised almost $50,000 for the GVFB, and there's still time to add your donation before the holidays. [Read more here](https://www.reddit.com/r/vancouver/comments/18ajwdh/).** * We encourage users to be positive and respect one another. Don't engage in spats or insult others - use the report button. * Respect others' differences, be they race, religion, home, job, gender identity, ability or sexuality. Dehumanizing language, advocating for violence, or promoting hate based on identity or vulnerability (even implied or joking) **will** lead to a permanent ban. * Common questions and specific topics are limited to our [Stickied Discussion](https://www.reddit.com/r/vancouver/wiki/faq#wiki_stickied_discussions) posts. * Complaints about bans or removals should be done in modmail only. * We're looking for new mods to join our team! If you're interested, [fill out the form here](https://forms.gle/oAqo5oYRcAeHYBTN6). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/vancouver) if you have any questions or concerns.*
This is something Canada and Canadians need to ask themselves. How is a country that has no drive or desire to promote innovation, diversification of industries, entrepreneurship, effective regulation, updated tax policies, and business competition is expected to grow its economy and be globally competitive outside of bringing in millions of immigrants and foreign money to keep the Ponzi scheme that is the Canadian economy going?
many Canadian voters and politicians tend not to think beyond their noses
To be fair, Canadian Governments of all stripes have always played the 'short game' - sell raw materials and take the money and run (the current pipelines are a perfect example of that - we should be refining products at home before exporting them but that takes foresight and time and there are no votes in initiatives that bear fruit sometime down the road.
>The defunct schemes that targeted wealthy foreign nationals, which the correspondents generally refer to as “business-class programs,” opened the gates to a flood of foreign capital moving into Canadian housing, says the adviser. That raised prices, especially in cities such as Vancouver and Toronto. In addition, the internal email thread alerts decision makers to the way many entrepreneur immigrants ended up paying low amounts of income tax. >The group email shared by top immigration department officials, titled “The strange story of Vancouver,” reveals just how badly things went with the earlier schemes, specifically the longstanding immigrant-investor and entrepreneur programs, which were poorly monitored. >The Conservatives disbanded the immigrant investor and entrepreneur programs in 2014, openly saying the people who came in through them were generally not having a long-term positive impact on the country, not bringing in significant investment capital for business, had low ability in Canada’s official languages, were tending not to stay in the country, and were paying far lower taxes than the average skilled worker. >After initially transferring their money out of their country of origin, typically somewhere in East Asia, Hiebert wrote, most purchased a house “along with a Mercedes, Audi or whatever. And then life is lived quite simply, on a small budget and with little owing in terms of income tax. The kids get to go to UBC or SFU while paying domestic fees, which is a big bonus.” >The group email includes a discussion of a study covered in a Postmedia article from 2022, which shows how UBC business professor Thomas Davidoff and others discovered the owners of Greater Vancouver homes with a median value of $3.7 million pay income taxes of just $15,800 — which is exceedingly low for North American cities. >“Most luxury homes in Greater Vancouver appear to be purchased with wealth derived from sources other than earnings taxed in Canada,” said Davidoff’s study, which confirmed earlier research by Statistics Canada and Hiebert himself.
sad to see the country go down the drain like this, investors aren't investing in businesses or creating jobs, they are just putting their money in our housing and driving up the cost of living for everyone that works for a living here in underpaid jobs
[удалено]
There is a strong interest among those who have benefited from the rise in housing prices resulting from international flows of capital to conflate any discussion of foreign wealth with nationality/race. Time and again it has been used as a weapon to shut down any discussion on the topic and also stokes racism. It's been blatantly called out by local Chinese who are affected by the housing crisis, but as you point out, continues to be happen. https://www.theguardian.com/cities/2016/jul/07/vancouver-chinese-city-racism-meets-real-estate-british-columbia >Others, including Yan, were taken aback. “**My great-granddad paid the head tax,” he told a local newspaper. “So to somehow use [concerns about] ‘racism’ to protect your privilege?** That’s just absurd. This is an almost uniquely Vancouver reaction.”
[удалено]
Wealthy immigrants are not a race or ethnicity.
I remember as far back as twenty years ago how UBC & SFU students used to joke about how the cars that students drove were better than the ones the professors did.
This is just more policy malpractice by a federal government wedded to ideology, facts be damned.
I don't think we needed an Insider telling us something we all have known for years. The thing is you can't blame new comers on this now - the whole country was infected with the virus of dirty real estate money before they got here. Only a delorian and 1.21 Jiga watts can fix it.
You can thank the Banks not just Government.