Tag Archives: millionaire investor

Refugees pay more income tax than millionaire investor immigrants

Only 39% of investor immigrants paid any income tax 5 years after arriving

By CBC News

Refugees who have come to Canada over the past 30 years have paid more income tax in this country than immigrant investors admitted under the now defunct immigrant investor program, critics say.

Ian Young, a South China Morning Post journalist based in Vancouver, crunched the numbers with data from Citizenship and Immigration Canada.

Canada seeks 50 millionaire immigrant investors under pilot program

Only a small proportion of the immigrant investors who have come to Canada under the program since 1980 end up staying here, Young said, again relying on numbers from the federal government.

“After five years, only 39 per cent of investor immigrants declared any income. Not only that, those who did, their average incomes were very low,” he said in an interview with CBC Radio’s The Current on Friday.

Not much Canadian income

They may have been millionaires, but they were earning very little money here in Canada. Immigrant investors declared about $18,000 to $25,000 of income annually, he said.

“Why? Either because they were living off existing wealth, or they weren’t declaring their [global] incomes,” Young said.

Read more » CBC
See more » http://www.cbc.ca/news/business/refugees-pay-more-income-tax-than-millionaire-investor-immigrants-1.2984982?cmp=rss