An oxymoron is a combination of contradictory words. Their use is in the English language is long and storied. Examples include giant shrimp, working vacation and job security. Not to be outdone, B.C.’s NDP government is adding to the legacy of double-speak with a combination of words that, in no way, delivers on its promise: speculation tax.
The speculation tax will not impact speculators who quickly flip property for profit at all. Instead, average British Columbian and Canadian homeowners who have worked hard to afford cottages, homes and city apartments will bear the brunt of the NDP’s tax-and-spend attack.
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The NDP didn’t model the tax, and initially stated that it targeted foreigners and out-of-province residents. But the B.C. government has since acknowledged that two-thirds of homeowners impacted will be British Columbians. Most are not rich – many are average Canadians with children, mortgages, commutes and 40-hour work weeks. Others stretched their finances to purchase retirement properties. Some keep a secondary home in metropolitan areas due to lack of services in their home communities.
The remaining one-third affected by the tax are out-of-province Canadian residents. The impact on non-Canadian and off-shore residents? Limited, at best.