OTTAWA—The parliamentary budget officer is estimating that a new federal tax on vacant, foreign-owned properties may not bring in as much as the Liberals hope. The one percent tax was to take effect at the start of the year and the Finance Department estimates it will bring in $200 million in the 2022-2023 fiscal year, which begins in April. Over five years, the government expects to yield $700 million from the tax on properties that are sitting vacant, or which officials deem to be underused. In a report looking at the measure, budget officer Yves Giroux’s office projects the tax won’t pad coffers by as much as federal estimates. His report estimates that the government will bring in $130 million from the measure during its first year, and $600 million over five. Giroux’s report notes some uncertainty with any estimates over what he notes are the “uneven breadth and quality …
Budget Officer Suggests Feds’ Foreign Homeowner Tax to Yield Less Than Liberals Plan
January 31, 2022
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