This one per cent tax would go into effect on January 1, 2022, to help support investments in housing affordability. That is why, in the recent federal budget, the government announced its intention to implement Canada’s first-ever national tax on non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. They should be homes for Canadian families. Houses should not be passive investment vehicles for offshore money.
Increasingly, however, that dream is becoming unaffordable and unattainable for middle class Canadians and for Canadians working hard to join the middle class. For many Canadians, the most important investment they will ever make is the purchase of a home. In communities across the country, the recent and rapid rise in housing prices has made finding an affordable place to call home increasingly difficult. The federal government is committed to ensuring all Canadians have a safe and affordable place to call home. AugOttawa, Ontario - Department of Finance Canada
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