Monday, April 17, 2017

NDP Tax Proposal

B.C.’s New Democrats are promising to impose a tax on property speculators who don’t pay income tax in the province, which the party says will be more effective than a levy on foreign buyers introduced last year by the Liberal government.
The NDP tax, announced Thursday in the party’s campaign platform, would put a 2-per-cent tax on homes of people whose tax returns indicate they pay little or no taxes in British Columbia.
  This would put an additional $60,000 in taxes on a foreign owned house valued at 3 million dollars or an additional $10,000 in taxes on a $500,000 condo.
What effect, if any, would this have on the Tofino real estate market ?  NDP are currently slightly ahead in the polls.......


Anonymous said...

I predict the ndp will be like last elections in the US....losers despite their current lead.
Their loss will be attributable to one thing. The aging boomers do not want to pay more in taxes. So they will hold their noses and vote for the stinky political devils they do know. The real estate tax seems like a decent enough idea but it is all the programs they want to do with no money coming in that is the problem.

Anonymous said...

If you are renting your house either short or long term (and licensed) you are paying income tax.

Ralph Tieleman said...

Many foreign owned properties are used exclusively by their owners for recreational purposes.Kingfisher condos and Rosie Bay Estates prohibit short term rentals.So do other stratas but that's another story.