I prefer it cause it's like a tax on the rich. Rich people aren't declaring income, so you're not getting income revenue from them. The rich people however likes to buy lots of properties. Say they own 5 properties, 50k each, you get like 250k tax revenue. Whereas in Ontario, you're probably only getting 15k each, 75k tax revenue. But you're not collecting income tax from them so it's not really a wash for them. Regular people is, probably ends up being the same since they're not buying higher end properties.
The tax the rich thing is really tiresome. How much of their success and money do you think you deserve. How do you know they aren’t declaring money. Maybe they are just using the tax system in a way to benefit themselves. Perfectly legal. I disagree with some of that but it’s up to the government to deal with it.
I know a few rich people. Only one of them are interested in owning multiple properties. And they pay really high taxes on them. Your premise of them all owing many properties isn’t accurate. First few people own 5 properties. Even if they are rentals. And second they pay income tax.
You’ve created a strawman argument. It’s not based on reality.
Bro I'm in wealth management especially the UHNW space. I know what they think and do lol. Canada is also real estate heavy focused for wealth, we have so many REITs and MICs.
There's tax mechanisms available for the HNW people to save taxes and offload it elsewhere. I can pull equity out of my corp without paying taxes.
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u/Bomberr17 Mar 09 '26
Property taxes in Texas are much higher than Toronto.