30.11.2010 - Commercial property tax is Canada’s ‘cash cow’
From Theglobeandmail.com: Canada is the world’s most expensive country in which to own office towers, at least when it comes to how deeply taxes cut into profits. Taxes on commercial property rents in Canada are a “massive” 53 per cent of total income, according to a study by international tax advisory firm Taxand. The United States, the next highest country on the list, taxes its commercial property rents at 41 per cent. “The alarmingly high total tax rate in Canada is largely the combined result of high levels of both income tax, which stands at a rate of 30 per cent, and real estate tax at 3.6 per cent,” the study concludes..............................................Full Article: Source
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