Union city condos.Crack down on real estate speculators. The most important item in Canada’s 2022 budget is housing. Prohibit foreigners from buying houses, speculators pay profits tax, and legislate to put an end to blind bidding and ensure the transparency of historical transaction prices.Please Visit: Union city condos to Get Your VVIP Registration Today!
1. Tax-free savings account for the first suite.
With the rise of house prices, the cost of down payment is also rising, which is the main obstacle for many people to buy houses, especially young people.
The 2022 budget (Budget 2022) plans to introduce a tax-free first suite savings account (First Home Savings Account) to enable first-time buyers to save up to 40, 000 yuan. Like RRSP, contributions are tax-free, and withdrawals for the purchase of the first suite (including investment income) will be tax-free, just like TFSA. Duty-free entry, duty-free exit.
2. Launch a new housing acceleration fund.
2022 the budget target is to create 100000 new net housing units within five years, and it is planned to provide 4 billion yuan over five years from 2022-23 to launch a new housing acceleration fund that can flexibly adapt to the needs and realities of cities and communities. At the same time, support is provided to them, such as annual incentives or prepaid funds per household to invest in municipal housing planning and delivery processes and to accelerate housing development.
3. Rapid construction of new affordable housing.
Starting from 2022-23, the plan is to provide 1.5 billion yuan over two years to extend the Rapid Housing Initiative. The new funding is expected to create at least 6000 new affordable housing units, of which at least 25 per cent will be spent on women-focused housing projects.
4. Extended and more flexible incentives for first-time home purchase.
To make it easier for people to buy first homes, the federal government has introduced an incentive program for first-time buyers, which allows eligible first-time buyers to reduce their borrowing costs by sharing the cost of buying with the government.
To help more Canadians buy their first homes, the 2022 budget announced the extension of incentives for first-time buyers until March 31, 2025, and the government is exploring options to make the plan more flexible and responsive to the needs of first-time buyers, including single-family families.
5. Foreign investment in Canadian housing is prohibited.
In order to ensure that housing is owned by Canadians and not foreign investors, the 2022 budget announced that the Government intends to introduce restrictions to prohibit foreign commercial enterprises and non-Canadian citizens or non-permanent residents from acquiring non-entertainment residential properties in Canada for a period of two years.
6. Let the speculators pay their due share.
Resale, that is, buying a house and then selling it at a much higher price than previously paid in the short term, may unfairly lead to a rise in house prices, and some people engaged in resale may not truthfully declare profits to pay less tax.
The budget proposes new rules in 2022 under which profits from the sale of a property held for less than 12 months will be fully taxed as business income, which applies to homes sold on and after January 1, 2023. The exemption applies to Canadians who sell their homes due to certain life conditions, such as death, disability, childbirth, new job or divorce.