Forget a foreign buyer tax. What Canada needs is a nation wide 20%+ witholding tax on ALL currency inflows into the country above the 10k per person limit ,whether by cash in suitcases or wire transfers. Banks should be forced to levy it too. If people are by passing the limit trace the accounts it is sent to and retroactively charge it once it has been amalgamated.

The 20% should be automatic. In order to not pay the witholding tax, you would have to demonstrate that you have filed proper CRA statements and declared said income.

THis would eliminate all loopholes and affect everyone in the same manner...canadians, permanent residents, foreign nationals...none would be able to earn or store money offshore and repatriate it to Canada without automatically paying a witholding tax!