November 29, 2010
If you’re a regular reader of Buzzbuzzhome’s Blog! you know that apparently US retailers are flocking to Canada in these uncertain economic times. But it seems that they’re coming despite, not due to, investment incentives.
According to the Globe and Mail:
Taxes on commercial property rents in Canada are a “massive” 53 per cent of total income, according to a study by Luxemborg-based tax advisory firm Taxand. That’s 12 per cent higher than the United states, the next country on the list.
Wow. That’s pretty insane. 53 per cent of total income? Sheesh. But the story isn’t the same when it comes to the percentage of sales that is taken by taxes. Canada is ranked 6th most expensive in the world in this respect.
This is something the government might want to reconsider…I mean, taxing commercial real estate investment to the extent that Canada is the highest in the world? Not exactly being the most welcoming hosts we could be.
But…I guess they’re playing dumb and sticking their heads in the sand. Too bad.