BC’s speculation and vacancy tax is set to rise in the new year even as the federal government scraps its underused housing tax, raising questions about whether such taxes are effective, legal and necessary in today’s depressed market. The provincial tax rates will rise on Jan. 1 to three per cent of a property’s assessed value for foreign owners and “untaxed worldwide earners.” It will rise to one per cent for Canadian citizens or permanent residents who are not untaxed worldwide earners. For 2019 to 2025, the rates were two per cent and 0.5 per cent, respectively. An individual is an untaxed worldwide earner for a calendar year if the total of the individual's unreported income and the unreported income of any spouse is greater than the total of their reported income, according to the legislation. But as the BC NDP government doubles down on its tax, federal policy is diverging ... CLICK HERE for the full story
A discussion on political, economic and social issues in British Columbia, and Canada