Lower taxes to improve disposable incomes
Re Secrets of the Four Seasons, Nov. 21 This investigative report highlights four facts.
First, criminals live everywhere, not just in poor neighbourhoods or in social housing. Do you know who your neighbours are? The white-collar crimes committed by the educated and refined among us can be just as devastating as physical assault.
Second, Canadian federal, provincial and municipal governments provide tax advantages, deductions, allowances, credits, incentives, grants, rebates, subsidies, exemptions, privileges and opportunities to non-person entities — corporations.
These same advantages are not ex- tended to persons or households, even if persons are engaged in business or investment. Professionals and businessmen have taken advantage of the corporate structure for decades; and those who are inclined to engage in nefarious activities tend to use the corporate veil and to reap the benefits of corporate advantage.
Third, real estate ownership does not guarantee positive returns or capital gains. Not every seller makes a killing in a hot market.
Fourth, the domestic market for highend condos is small. Few Canadians can afford the price tag or the carrying costs of an apartment at the Four Seasons Private Residences. Consequently, many high-priced condos tend to be purchased by foreign buyers. The signature property of the subject site, the Four Seasons Hotel, was recently sold by one foreigner, Alwaleed Bin Talal, to another foreigner, Shahid Khan.
Perhaps our governments should focus on improving the personal disposable incomes and the savings among Canadian families engaged in legitimate business and employment instead of pushing us down the ladder with heavier taxation.
Those who see problems with foreign ownership or corporate shells should promote reversal of the personal and the corporate taxation trends. Stella Kargiannakis, Toronto