Why does Canada have to add taxes before you can buy it?

Why does Canada have to increase taxes before you can buy 1. The tax increases by 5%. If you are a local and buy a property worth 1 million Canadian dollars, foreigners previously had to spend 1.15 million, but now they need to spend 1.2 million.

2. Expansion of collection scope. Originally only for the Greater Toronto Area, it now covers the entire province of Ontario. No matter where you buy a house in the province, you need to pay a 20% foreign buyers tax - a tax rate that is already the same as in Vancouver. Toronto's housing prices have surpassed Vancouver's and become the most expensive city in Canada. Coupled with the impact of the epidemic, housing prices in Toronto have increased by more than 50% in the past two years, making local residents miserable. The cheapest old villa costs 1.5 million Canadian dollars, and an ordinary apartment building starts at 600,000 Canadian dollars.

3. When the 15% overseas buyer tax was previously implemented, overseas buyers could enjoy the corresponding tax refund policy. If you go to college or have a work visa, you can get the overseas buyer tax refunded. Now under the new policy, after purchasing a house, you must obtain status within four years before you can get a tax refund. This also means that international students no longer enjoy the tax refund policy - they must apply for immigration, otherwise they will have to pay a lot more money.