Canadian Property Purchasers Subject to New Taxes

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The Canadian state of British Columbia have proposed a parliamentary Bill introducing a new annual tax on residential properties in certain areas of the country, in order to try to relieve the housing market price boom.

Speculation & vacancy tax will also come into effect this year for any land and property worth over CAD $150,000. This will be charged at 5% of the property value for Canadian nationals and legitimate permanent residents, and raising the rate to 2% for foreign citizens or non-residents.