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OTTAWA A U.S. congressman has written to Canada’s ambassador in Washington warning that if Americans aren’t exempted from a proposed tax on foreign-owned real estate, he will fight to impose a similar tax on Canadians who buy property down south.
Last month’s federal budget proposes a national one per cent tax on the value of properties owned by foreigners who leave their properties vacant. The measure would come into force on Jan. 1, 2022 and mirror similar taxes in British Columbia and Ontario designed to discourage speculators from buying houses and leaving them empty.
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