06-20-2016, 04:39 AM
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#2
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Franchise Player
Join Date: Jul 2002
Location: Chicago
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Interesting read/watch
Quote:
The problem, in part, can be blamed on Canada’s immigration rules — particularly the Immigration Investor Program.
Under the so-called investor program, wealthy immigrants could hand over $800,000 to the federal government in exchange for permanent residency.
Five years later, the government would return the money with no strings attached.
That’s it. If you had $800,000, or could access it through loans and mortgages, you could get a Canadian passport.
This program was a disaster.
A 2014 government report showed that after 10 years in Canada, the average immigrant who came through this investor program had a taxable salary of only $15,800.
One in three immigrant investors did not file a tax return — claiming zero income in Canada.
After a decade, these millionaire investors paid on average only $1,400 in annual taxes.
By contrast, the average immigrant who came through the skilled worker program earned $46,800 annually and paid $10,900 in income taxes.
Far from being a boon to our economy and creating jobs, these so-called investors are actually a drain on our social system.
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Last edited by EldrickOnIce; 06-20-2016 at 04:42 AM.
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