The B.C. budget is introducing two new major taxes on real estate. One is a so-called “speculation tax” that will apply to an estimated 15,000 homes – mostly targeting people who do not pay income tax in B.C. The other, billed as a new tax on luxury homes, will apply to almost 43,000 homes.
Both measures are expected to bring in the same annual revenue to government – $200-million each – but one tax has triggered an angry backlash that has the government scrambling, while the other has been accepted – at least for now – with barely a whisper of consternation.
The proposed annual tax on vacant and secondary homes, which has been branded by the province as a speculation tax, has triggered a furious response from Canadians who enjoy vacation homes here and the communities that rely on those part-time residents. Finance Minister Carole James is now wavering on the details of just who will pay it. “We want to look at all the questions … We are doing the responsible thing, which is taking the time to do it right,” she told reporters last week.
Full Story here: https://www.theglobeandmail.com/opinion/article-new-bc-tax-on-high-value-homes-goes-largely-unnoticed/