skip to Main Content

BC Green Party agrees to ‘compromise’ with NDP on speculation tax changes

By Joannah Connolly for Business in Vancouver

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.

Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis

Sign up for insider real estate news & tips from our podcasting team.

Are you a realtor? Click here
Selling Your Home? Click here

  • Reload
  • Should be Empty:

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.”

Continue reading the full story here >>
 

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

As Seen and Heard On

Media enquiries and press contact info: media@vancouverrealestatepodcast.com

© 2020 Matt Scalena PREC* & Adam Scalena PREC* , all rights reserved • Site MapBy Line49 Web Design, Vancouver BC

*Considering a real estate transaction? One of the first decisions you will need to make is whether you should work with a licensed real estate professional who will represent you. Take a moment to read this important consumer protection information from the Real Estate Council of BC. This form explains the special legal duties that real estate professionals owe to their clients. CLICK HERE and please call 778-847-2854 or 778-866-4574 immediately if you would like to discuss.

Back To Top