BNN: B.C. NDP housing critic: Income tax data is the key to measuring foreign money in real estate

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July 15, 2016 | Michelle Zadikian

Quoted from the article:

B.C. NDP Housing Critic David Eby says examining income tax data is the key to figuring out how much foreign money there is in Vancouver’s real estate market.

“If you’re not paying your worldwide income tax in British Columbia and you’re buying $3 million homes, where’s the money coming from?” he said in an interview with BNN.

“There are two answers I think. One is tax evasion and the other is simply that there aren’t any taxes if you’re bringing the money in from outside to buy real estate,” he said.

The B.C. provincial government currently tracks citizenship, an approach that Eby calls inherently flawed.

Eby points to a new report by MountainMath which shows nearly 10% of homes in Metro Vancouver report incomes that are lower than their shelter costs.

Read the full article: http://www.bnn.ca/b-c-ndp-housing-critic-income-tax-data-is-the-key-to-measuring-foreign-money-in-real-estate-1.527573