Stop BC's Speculation Tax
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The BC Government has proposed what they call a "Speculation" Tax in their 2018 Budget. The objective of this tax is to prevent "foreign" real estate owners from driving up the price of BC real estate by purchasing BC real estate, leaving the properties vacant and then flipping the properties simply to make a profit, thereby driving BC real estate prices higher.
As submitted to B.C. Legislature:
To the Honourable the Legislative Assembly of the Province of British Columbia, in Legislature Assembled:
The petition of the undersigned, residents of the province of British Columbia, states that:
The tax as proposed must be stopped. Any tax written must target ONLY real estate speculators, partially vacant homes must be excluded regardless of ownership.
The B.C. Speculation Tax is unfair to all owners of non-primary residence homes in British Columbia and is unfair to the local communities these owners support. These home owners are not real estate speculators and legitimately own these homes for a variety of personal reasons unrelated to real estate speculation. Rental of these homes when not in use cannot be a factor for taxation and the new tax on these homes must not go forward. And the requests of municipalities that wish to opt out of this tax must be respected.
Your petitioners respectfully request that the Honourable House Stop British Columbia's Speculation Tax as currently proposed. Dated 2nd day of April, 2018.
I am caught in the tax below as a “Satellite Family” except that we are a Canadian Satellite Family not what the term generally means in the BC Real Estate world, i.e. wealthy investors from outside the country. I am currently an Alberta resident but I have owned property in BC as a vacation home since 2006. I consider the Okanagan home. My husband was raised in Coquitlam and attended UBC. We will retire there in a few short years. We are residents, not speculators.
We and many of our friends and family from BC, Alberta and Saskatchewan have visited our Okanagan home and spent many weeks and months there as residents. We spend thousands of dollars in our home community every year, at restaurants, Superstore, Save-On Foods, wineries, restaurants, Home Depot, Canadian Tire, the list goes on. We are residents, not speculators.
BC Residents: Please sign this petition. We do not want to leave our home but we cannot afford the "speculation" tax which more than doubles, and then more than quadruples our property taxes. If we sell, and we would have to, we not only have to abandon our dream vacation home but we take all of our spending with us. Who will buy our home? A BC resident? Maybe, or maybe an actual speculator.
Ministry of Finance
Tax Information Sheet
ISSUED: February 2018 Information Sheet 2018
The speculation tax will target foreign and domestic speculators in BC. These are homeowners who have removed their units from BC’s long-term housing stock –
meaning they are not owner-occupied or a qualifying long-term rental property.
Satellite families - households with high worldwide income that pay little income tax in BC - will also be captured by the tax.
The speculation tax will initially apply to the Metro Vancouver, Fraser Valley, Capital
and Nanaimo Regional Districts, and in the municipalities of Kelowna and West
In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the rate will increase to $20 per $1,000 of assessed value.
The owners of this petition can be reached at firstname.lastname@example.org
Find your MLA here: https://www.leg.bc.ca/learn-about-us/members
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