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Supreme Court of Canada dismisses bid to appeal B.C. foreign buyer tax case
The court left intact rulings that the 20% levy applies to the full market value, with the disputed tax assessed at just over $126,000.
- On Thursday, The Supreme Court of Canada refused to hear an appeal challenging British Columbia's foreign buyer tax applied to a jointly owned Richmond apartment.
- Li-Yuan Chuang and Chia-Wen Hsia purchased an Avanti Richmond apartment, registering 95 per cent ownership to the Canadian partner and five per cent to the foreign partner despite Chuang paying 40 per cent of the purchase price.
- An audit found the tax "payable on the fair market value of the whole property," resulting in over $126,000 owed by the couple; British Columbia's foreign buyer tax is 20 per cent of market value.
- The Appeal Court rejected the couple's claim that imposing the tax on the entire property was "profoundly unfair," ruling they could have avoided the full tax by registering ownership based on actual contributions.
- Lawyer Massao Morinaga said the ruling marks the "end of the road judicially," adding that current foreign buyer tax legislation "captures situations that are inequitable.
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The Toronto Star+33 Reposted by 33 other sources
Supreme Court of Canada dismisses bid to appeal B.C. foreign buyer tax case
The Supreme Court of Canada won't hear an appeal challenging the application of British Columbia's foreign buyer tax on a real estate purchase involving joint ownership by a Canadian citizen
·Toronto, Canada
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Total News Sources34
Leaning Left22Leaning Right0Center10Last UpdatedBias Distribution69% Left
Bias Distribution
- 69% of the sources lean Left
69% Left
L 69%
C 31%
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