American entrepreneur Stacey Schacter is an avid gardener, who's passionate about food and healthy eating. In 2022, he and his wife set their eyes on starting a vertical farming operation north of the border, in Ontario's rural Simcoe County, through Canada's Start Up Visa program. The federal business immigration stream offered foreign entrepreneurs work permits to develop their businesses here and ultimately a chance for permanent residence.
At the time, Ontario had already imposed a 25 per cent tax on foreign homebuyers. But the couple purchased a house in Clearview Township. They figured they'd get their permanent status and qualify for a tax rebate well within the four-year limit after the purchase. The Start Up Visa processing time then was just over a year.
But thanks to growing immigration processing delays, the Schacters' rebate deadline is fast approaching and the couple from Maryland may never see the refund of the $619,800 they paid in Non-Resident Speculation Tax.
"I would think I'm exactly the type of person they're trying to attract to Canada, somebody who's creating jobs, spending money and putting down roots within the community," said Schacter, whose three "container farms" grow leafy greens and herbs in stacks using artificial lighting and hydroponics.
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