Thursday, October 29, 2020
ADVT 
National

B.C.'s New Speculation Tax Funnels $115 Million Into Affordable Housing

Darpan News Desk The Canadian Press, 11 Jul, 2019

    VICTORIA - The British Columbia government says its new speculation and vacancy tax has pumped $115 million into a fund to create more affordable housing.

     

    The tax was launched this year in several regions as part of a 30-point initiative to improve housing affordability and increase the availability of rental properties.

     

    The Finance Ministry says in a news release that foreign owners, satellite families and those with vacant homes make up approximately 80 per cent of those assessed the tax.

     

    Of the 12,029 affected owners, ministry information shows 4,585 are foreign owners, just over 1,500 are Canadians living outside the province and 2,410 are B.C. residents.

     

    Over 3,200 so-called satellite families, or families that report most of their income outside of Canada, must also pay the tax applied at 0.5 per cent of assessed value this year, climbing to two per cent for foreign owners and satellite families next year.

    On average, the ministry says homes captured by the tax are 46 per cent more expensive than homes that were exempted in the taxable areas.

     

    Finance Minister Carole James says funds from the assessment will help tackle the province's housing crisis.

     

    "The speculation and vacancy tax was designed to make sure foreign owners, satellite families and people who use local services without paying income tax in B.C. contribute to the quality of life we all enjoy in this province," James says in the release.

     

    James says she'll further analyse the tax when she meets in September with mayors from the municipalities where it is applied.

     

    Approximately 1.6-million residential property owners in Greater Victoria, Metro Vancouver, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo and Lantzville were required to file a tax declaration notice by March 31.

     

    The ministry says 99.8 per cent of British Columbians are exempt from the tax and those who aren't were required to submit their payments by July 2.

    MORE National ARTICLES

    Search Warrant Results in Firearm and Drug Seizure, 23-Yr-Old Sanveer Singh of Mississauga Arrested And Charged

    On July 5, 2019, investigators, with the assistance of the Tactical Unit, executed a Criminal Code search warrant in the area of Central Parkway and Eglinton Avenue, Mississauga. 

    Search Warrant Results in Firearm and Drug Seizure, 23-Yr-Old Sanveer Singh of Mississauga Arrested And Charged

    No Tsunami Or Damage Reported After Multiple Tremors Recorded Off B.C.

    No Tsunami Or Damage Reported After Multiple Tremors Recorded Off B.C.

    VANCOUVER - A series of earthquakes off British Columbia's coast on Friday may be linked to a stronger quake in the same area earlier in the week, experts say.

     

     

    No Tsunami Or Damage Reported After Multiple Tremors Recorded Off B.C.

    Overdose Prevention Opens Where Crisis Grows In Powell River, B.C.

    Authority medical health officer Dr. Geoff McKee says the contaminated drug supply has been devastating for Powell River and they've found many who die of overdoses in B.C. have hidden their drug use, only to die alone.

    Overdose Prevention Opens Where Crisis Grows In Powell River, B.C.

    Quebec Man Faces Charges In Rash Of Underwear Thefts From Clotheslines

    Quebec Man Faces Charges In Rash Of Underwear Thefts From Clotheslines

    Police Say A Quebec Man Who Stole Women's Clothing From Clotheslines Also Left Them A Note With His Contact Details Saying He Was Interested In Buying Their Underwear Or Swimwear.

     

     

    Quebec Man Faces Charges In Rash Of Underwear Thefts From Clotheslines

    Alberta To Hold $2.5-million Public Inquiry Into Funding For Oil And Gas Foes

    Alberta To Hold $2.5-million Public Inquiry Into Funding For Oil And Gas Foes

    "They often say that sunlight is the best disinfectant. This public inquiry will be sunlight on the activities of this campaign," Premier Jason Kenney said Thursday.

    Alberta To Hold $2.5-million Public Inquiry Into Funding For Oil And Gas Foes

    Scheer Calls For More Inspections On Chinese Imports, Possible Tariffs

    Scheer Calls For More Inspections On Chinese Imports, Possible Tariffs

    Conservative Leader Andrew Scheer is urging Prime Minister Justin Trudeau to step up inspections on all products from China and to consider slapping tariffs on imports from the Asian country.

    Scheer Calls For More Inspections On Chinese Imports, Possible Tariffs