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The B.C. Green Party, which has been vocally opposed to the NDP’s speculation tax, has reluctantly agreed to support the legislation after three changes are made, the parties announced October 18.
The Ministry of Finance said it will support the Green’s three amendments “in the spirit of compromise,” even though the finance minister made it clear she only agrees with two of them.
The key change to the legislation is the third amendment, that out-of-province Canadians who own B.C. homes in the affected areas pay the same 0.5 per cent rate as B.C.-resident owners, not the one per cent set out in the existing legislation.
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Andrew Weaver, B.C. Green Party leader, said, “[A] key concern of mine was that Canadians should be treated equally. We are one country and even if they don’t pay income tax in B.C., Canadians pay federal taxes that benefit our communities. The third amendment was an area of compromise and I am pleased that it will lessen the impact for Canadian homeowners, while keeping other critical provisions of the bill intact.”