Socio-Economic Development That Open Opportunity Doors
Admittedly, a lot of people migrate into Canada for greener pastures. The nation has not just developed naturally into a hot cake everyone wants to take a bite from, and it has explored its resources both human and natural. One of the ways it has crafted to do that is by levying taxes on properties. It is believed that before you can own a property, you must be earning a certain amount of money and giving back to society is the key to national development. Such funds are therefore used to provide more opportunities to inhabitants to the country.
Source of Government Revenues for State Management
Canada operates a capitalistic economy where individuals could have their businesses without interference from the government except for taxes and few economic regulation reasons. Property ownership and real estate business is one of the booming enterprises in the country. Taxes are drawn from businesses and entrepreneurs including realtors and their properties add massively to state revenue, which is eventually used to provide amenities that give back entirely to you.
Measures up Social Security
When you pay taxes on a particular property, the government of Canada has every responsibility to ensure its safety in times of hazards. Doing so, they are protecting their source of revenue. Likewise, you gain social security on your property.
Providing a Secured Future for Your Kids
As a permanent resident of Canada having kids below the age of 18, your children have rights to free education up to high schools and colleges level. Finances from all of these come from accrued government revenues. Your property taxes are one of such. Therefore, paying taxes on your properties, you are securing a future for your kids.
Fosters Proper Real Estate Market Regulation
No tax is an end in itself. It has to be related to issues surrounding and warranting its placement. As for property taxes, the government of Canada can regulate the buying and selling of properties to avoid extortion of homeowners by real estate agents. Of course, the housing industry is one where anyone could be easily extorted. But because the government itself has a stake, it does better watching the industry very closely.
Secure Property Transfer During Sales And Purchase
Properties are not limited to houses. However, one thing is sure about all of them. When you pay taxes on them, they have a record with the Canadian government, and this will foster the secure transfer of ownership in case of purchase and sales. One would even easily identify the best properties to buy because it isn’t economically safe to buy a property with a backlog of unpaid taxes.
Increases Owners’ Chances and Accessibility to Loans And Credits
Private money lenders in Canada want to be sure they would get back their money from you as promised especially as an immigrant. They, therefore, need collateral. It becomes all easy for you when you have a property on which you pay taxes in the country. This is because such is registered with the government, and again transfer of ownership will be a horse ride, as the property would be used as a foreclosure if you refuse to pay your debts.
Earns You Quick Recognition and Citizenship
Every nation is interested in a continuous stream of development. Canada is sure no exemption. It is always on the lookout or the best investors in the world. As investors, you would surely have some properties bought and registered in your name. These will attract taxes, and the Canadian government wouldn’t want to lose such a stream of income. Citizenship could thus be given to you to tie you in the country and make you feel at home as a citizen.
