Study says high taxes hamper real estate investment in Canada
High taxes are an impediment to commercial real estate investors looking to invest in Canada, says a new global study. “I think it’s clear that the system is broken and no one has the fortitude to step up to fix it,” said Gerry Divaris, vice president of Cushman & Wakefield property tax services. Commercial property owners in Canada pay the highest taxes globally, according to a report by Luxemburg-based tax advisory service Taxand. Taxes are a “massive” 53 per cent of commercial property rents, according to Taxand in the report released Monday. The U.S. has the second highest tax rate at 41 per cent, but that’s still a healthy 12 points below Canada’s, according to Taxand.