Photo Credit: Canada Post / Andrew Vaughan
Because of that research shows that immigrant investors pay less in taxes than other…
Another 1percenter scam!
Why not just SELL Canadian citizenship? And be done with it?
We are offered the question:
“What do you think about the federal government’s decision to end the immigrant investor program that attracted thousands of affluent business people to Canada?”
Clearly to any unbiased viewer, this question is loaded. More to that, as it suggests that the program “attracted thousands of affluent business people” which is, according to the government’s research, is simply not true, the question is incorrect with intent to mislead.
No, the question is very good. I give you only one element: 11 170 immigrants investors arrived at Canada from 1998 till 2007.
From the CIC Press Release dd Feb 11, 2014 and available on CIC website (link below):
“The current IIP provides limited economic benefit to Canada. Research shows that immigrant investors pay less in taxes than other economic immigrants, are less likely to stay in Canada over the medium- to long-term and often lack the skills, including official language proficiency, to integrate as well as other immigrants from the same countries.
The government will replace these programs with more focused and effective pilot programs that will ensure that immigrants who come to Canada deliver meaningful benefits to our economy. This will complement CIC’s Start-Up Visa, enabling Canada to remain competitive in the global economy. Details of the new pilots will be announced in the coming months.
Under the Immigrant Investor Program, Canada offers guaranteed permanent residence in exchange for a guaranteed $800,000 loan (before 2010, the amount was only $400,000). The United Kingdom, Australia and New Zealand require as much as $5 to $10 million, and do not offer up-front permanent residency.
Over a 20-year career, an immigrant investor pays about $200,000 less in income taxes than a federal skilled worker and almost $100,000 less in taxes than one live-in caregiver.
The current IIP has an inventory of more than 65,000 persons, larger than any other economic immigration program. At current levels, it would take more than six years to process this inventory.”
I would not mind to see the actual research the statement refers to, but considering all the information in the research supports the statement made by the CIC, the elimination of current Federal Investor and Entrepreneur programs to be replaced with programs more effective and beneficial for Canada is not only the right move, but the one that’s long overdue.
Canada Investor Program is an international brand, it attracts millions of dollars and many talent business people to Canada and those people made great contribution to the country’s economy. Can’t understand why government totally terminate this program? If the program has problem, it could be changed in anyways, but you can’t close the window because of some fly sneak in the house.
For those people who waited for 4-5 years even longer, it’s absolutely unfair, government eats its own words, how can we trust this government any more? This action badly affects Canada’s international image!
The program will help the country in a long term but the questions would be
Do the people deserve to get a deadline (From 2015 or from July 1st or….)?
They spent tons of money to gather & translate their documents, family with a great hope especially children sleep every night with dream of Canada! Canada will lose its reputation that has been gathered for last 150+ years!
Program was cheap but it does not mean that we should not respect their efforts, time, and money. Thousands of applicants need a logic answer? Do we have even one?
The policy decision to Investor and Entrepreneur programs is, in my opinion, a bad policy decision. But the conservatives have the political power to make this change. The decision to terminate 65,000 outstanding applications, some of which have been in queue for up to 8 years, is a travesty to the rule of law and further erodes Canada’s image as a fair country, with the first shot to that image being the arbitrary cancelling of hundreds of thousands of Federal Skilled Worker applications. These business applicants have spent tens of thousands of dollars to prepare proper financial statements, to have documents translated, to have real estate appraisals done to show their net worth and to pay lawyers and consultants to help them prepare their applications. These will be costs that the applicants will lose and not only that, the legislation will make the government impervious to claims for damages. Contrary to what the Minister claims, these changes to not show that the Rule of Law is alive and well in Canada but rather is in death throes.
These people are looking to pump money into the economy. The principe that they do not make as much money is a bit ridiculous
Look at how much the economy has boost
In Vancouver. Can’t understand the reasoning of refusing people with millions
Who can really go anywhere they want have
Chosen Canada . I’m not saying the program
Is perfect n changes are not needed but to abolish the system is stupid if u ask me . Quebec is just going to make more money
There thinking seems to be more inline with our needs as a society
This program does not make any sense with interest rates being as low as they are. The Provinces simply take the deposits from the clients, and buy five year bonds with them. Currently, 5 year bond rates are 2.0%. That means, that on a deposit of $800,000, the actual income from this investment is only $80,000. And it gets worse. The Federal Government pays out a commission of $40,000 – so that the actual benefit from each investor is only $40,000.
The charge by the banks and the consultants is typically $200,000, and as such, they are pocketing about $150,000 for this process. The Quebec program has been paying commissions longer, and over the life of the program has many more applications, and is still going.
I applaud the Government for taking this step, but encourage them to find alternatives. The problem that they have, is that CIC does NOT have any real busienss expertise, and as such, they find it challenging to develop and operate business programs. I was hopeful that with a Conservative Government, this would change, and that they would bring in some people with business backgrounds to operate these programs, but so far, they are simply relying on civil servants, none of which are from business or banking, to design and operate business programs.
I hope that this leads to some better and faster business programs in the future, and not linked to a simply deposit.
Terminating Federal investors program is entirely wrong decision.
vast majority of Investors make grate contribution to CND economy by meaning of establishing business, purchasing home, create job and establish themselves successfully without having any burden to Canadian Embassy.
Government should terminate backlog of parents sponsorship since they do not make any contribution to CND economy, burden to health system and increase older age in population instead of terminating investor program.
Those people (investors) pause their life for years to come to Canada and establish their life.
This is another way of cutting immigration. First in 2008 the amount of investment was doubled but when Mr.Harper govt. Realized that applicants still applying so this is new way to close it. I think present govt. Is playing against Canada and Canadian economy.
The government kept saying want to creat more jobs. However, they don’t have the manpower to deal with the immigration program. The program itself broght huge investment to Canadian’s economy. The government itself is not capable to handle or say benefit from this investment. In this case, no one to blame but the government itself. As for those victims, their life will be on hold after longtime planning and projection. It is not fair for both. When you have a problem, the government decided to kill it rather than fight or fix…….
The Investor Program was a scam from day one. There was no net benefit to Canada but a substantial loss. The average Investor, over a twenty year period, paid less in taxes than ONE Live-In-Caregiver. The Investor pre-paid interest to the Bank, the bank loaned the money to the Government, which paid it back in FULL, while the Investor brought his children to Canada and had them educated in the best Schools in the world. In the end, the average Investor, after the scam was done, went back home holding his Canadian Passport and still able to claim free all the Medical Benefits at his whim. Good riddance!
Who do you think can afford to bring and hire the care giver to be able to pay the taxes you are talking about ???????
Canada need money need people need good government to look after the development of the future not just comparing with a caregiver paid taxes. At the time USA open widely the First American Assisted Living EB-5 investor visa program . Weak up all of you Canada is sold to USA!!!
It is ridiculous! Other countries are going to take advantage of it. But, Flaherty and Harper have enough money now to win the elections. A way also to reduce the immigration. We stay between us. More conservative than that you die!
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