BC raises FB tax to 20% and expands areas...

Feb 20th, 2018 5:19 pm

#1

joepipe [OP]: Deal Addict; Jul 3, 2007; 3966 posts; 4378 upvotes; Toronto

Feb 20th, 2018 5:19 pm

BC raises FB tax to 20% and expands areas...

BC raises foreign buyer tax to 20% and expands past Vancouver metro, also introduces speculation tax, new land transfer tax on homes over $3 million... and new tax on luxury cars over $125000

Also The NDP Government says they will be creating a database on pre sale condos to begin tracking assignments aka "property flippers" and reporting info to tax authorities

Looks like some folks are gonna be paying up soon....

http://vancouversun.com/news/politics/l ... -tax-hikes

https://www.theglobeandmail.com/news/br ... e38037330/

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Feb 20th, 2018 5:23 pm

#2

Luckyinfil: Penalty Box; Aug 11, 2005; 4175 posts; 1430 upvotes

Feb 20th, 2018 5:23 pm

Great news. Wynne will see the popularity and definitely follow

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+1

Feb 20th, 2018 5:23 pm

#3

sircheersa: Deal Guru; Feb 22, 2011; 11548 posts; 14815 upvotes; Toronto

Feb 20th, 2018 5:23 pm

Nice, come back to Toronto investors

+6

Feb 20th, 2018 5:25 pm

#4

joepipe [OP]: Deal Addict; Jul 3, 2007; 3966 posts; 4378 upvotes; Toronto

Feb 20th, 2018 5:25 pm

The new database of condo flippers and their info handed to the CRA will be interesting....

Last edited by joepipe on Feb 20th, 2018 5:25 pm, edited 1 time in total.

Feb 20th, 2018 5:25 pm

#5

BlueSolstice: Deal Addict; Dec 4, 2016; 1980 posts; 1003 upvotes

Feb 20th, 2018 5:25 pm

rjg4235 wrote: ↑ Nice, come back to Toronto investors

Nah, same things will soon happen to Toronto. Come to Ottawa instead.

+5

Feb 20th, 2018 5:26 pm

#6

fdl: Deal Fanatic; Dec 5, 2009; 5740 posts; 3568 upvotes

Feb 20th, 2018 5:26 pm

I can see Ontario follow suit

Where’s that guy who keeps pumping London RE....

+7

Feb 20th, 2018 5:31 pm

#7

Luckyinfil: Penalty Box; Aug 11, 2005; 4175 posts; 1430 upvotes

Feb 20th, 2018 5:31 pm

fdl wrote: ↑ I can see Ontario follow suit

Where’s that guy who keeps pumping London RE....

Wynne will one up the ndp. 200% fbt coming

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+1

Feb 20th, 2018 5:33 pm

#8

boyohboy: Deal Fanatic; Dec 6, 2006; 5436 posts; 1663 upvotes; Toronto

Feb 20th, 2018 5:33 pm

"And the province will levy a new “speculation tax” on those who buy B.C. properties but don’t pay income taxes in the province...".... sounds good.... and then..., "...with exemptions set for primary residences and rental properties."

Okie dokie,... so all those 18 y/o students living in $2millions properties are not affected, right?

On one hand they're promising all the new hand-outs, with budget based on these new taxes. So if they TRULY think these new taxes will drop the RE market quick, then the new taxes won't bring in as much new revenue very quickly. So how are they going to pay for the new hand-outs?

Last edited by boyohboy on Feb 20th, 2018 5:33 pm, edited 1 time in total.

Feb 20th, 2018 5:33 pm

#9

fdl: Deal Fanatic; Dec 5, 2009; 5740 posts; 3568 upvotes

Feb 20th, 2018 5:33 pm

Luckyinfil wrote: ↑ Wynne will one up the ndp. 200% fbt coming

She needs some way to pay for all that free hydro and prescriptions.

+3

Feb 20th, 2018 5:36 pm

#10

sircheersa: Deal Guru; Feb 22, 2011; 11548 posts; 14815 upvotes; Toronto

Feb 20th, 2018 5:36 pm

This is the same province that gave people an interest free loan for a down payment, NDP clearly has no clue what they're doing.

+3

Feb 20th, 2018 5:51 pm

#11

SKOMO85: Jr. Member; Oct 27, 2017; 129 posts; 120 upvotes

Feb 20th, 2018 5:51 pm

Keep raising taxes. Thats your solution to everything.

+8

Feb 20th, 2018 5:53 pm

#12

youngbutgood: Banned; Jul 20, 2017; 91 posts; 132 upvotes

Feb 20th, 2018 5:53 pm

rjg4235 wrote: ↑ This is the same province that gave people an interest free loan for a down payment, NDP clearly has no clue what they're doing.

That was the work of the BC Liberals who got kicked to the curb last fall.

+2

Feb 20th, 2018 5:55 pm

#13

Devvv: Member; Dec 22, 2004; 271 posts; 60 upvotes

Feb 20th, 2018 5:55 pm

rjg4235 wrote: ↑ This is the same province that gave people an interest free loan for a down payment, NDP clearly has no clue what they're doing.

Wasn't that introduced under the Liberal government?

+1

Feb 20th, 2018 5:58 pm

#14

joepipe [OP]: Deal Addict; Jul 3, 2007; 3966 posts; 4378 upvotes; Toronto

Feb 20th, 2018 5:58 pm

boyohboy wrote: ↑ "And the province will levy a new “speculation tax” on those who buy B.C. properties but don’t pay income taxes in the province...".... sounds good.... and then..., "...with exemptions set for primary residences and rental properties."

Okie dokie,... so all those 18 y/o students living in $2millions properties are not affected, right?

On one hand they're promising all the new hand-outs, with budget based on these new taxes. So if they TRULY think these new taxes will drop the RE market quick, then the new taxes won't bring in as much new revenue very quickly. So how are they going to pay for the new hand-outs?

I dont think this is gonna scare anyone....this should have been much higher, similar to the FB Tax at 20%

"0.5% speculation tax on homes owned by people who don’t pay taxes in B.C., the tax goes up to 2% in 2019"

+3

Feb 20th, 2018 6:04 pm

#15

Motoss: Deal Addict; Dec 27, 2006; 1982 posts; 978 upvotes

Feb 20th, 2018 6:04 pm

rjg4235 wrote: ↑ This is the same province that gave people an interest free loan for a down payment, NDP clearly has no clue what they're doing.

True about the loan - odd that they never revoked it.

+1

Feb 20th, 2018 6:10 pm

#16

youngbutgood: Banned; Jul 20, 2017; 91 posts; 132 upvotes

Feb 20th, 2018 6:10 pm

joepipe wrote: ↑ I dont think this is gonna scare anyone....this should have been much higher, similar to the FB Tax at 20%

"0.5% speculation tax on homes owned by people who don’t pay taxes in B.C., the tax goes up to 2% in 2019"

This is an annual tax. 2% of the average detached home (1.6M) every year is 32K which isn't a small chunk of change.

+1

Feb 20th, 2018 6:18 pm

#17

gimegime: Sr. Member; Jan 4, 2013; 578 posts; 117 upvotes; TORONTO

Feb 20th, 2018 6:18 pm

Damn policy!

I hate this policy.

joepipe wrote: ↑ BC raises foreign buyer tax to 20% and expands past Vancouver metro, also introduces speculation tax, new land transfer tax on homes over $3 million... and new tax on luxury cars over $125000

Also The NDP Government says they will be creating a database on pre sale condos to begin tracking assignments aka "property flippers" and reporting info to tax authorities

Looks like some folks are gonna be paying up soon....

http://vancouversun.com/news/politics/l ... -tax-hikes

https://www.theglobeandmail.com/news/br ... e38037330/

Feb 20th, 2018 6:20 pm

#18

Jungle: Deal Fanatic; May 31, 2007; 5018 posts; 2171 upvotes

Feb 20th, 2018 6:20 pm

rjg4235 wrote: ↑ This is the same province that gave people an interest free loan for a down payment, NDP clearly has no clue what they're doing.

You can also elect to not pay any property tax. You can defer payment for amount owed with a lien put on title by the city. They also charge interest too.

Feb 20th, 2018 6:34 pm

#19

sircheersa: Deal Guru; Feb 22, 2011; 11548 posts; 14815 upvotes; Toronto

Feb 20th, 2018 6:34 pm

Jungle wrote: ↑ You can also elect to not pay any property tax. You can defer payment for amount owed with a lien put on title by the city. They also charge interest too.

Such a weird idea, I don't really like what they're doing. Taxing flippers is legit though, if you profit you should pay tax.

Feb 20th, 2018 6:55 pm

#20

ilim: Deal Addict; Jan 17, 2006; 2277 posts; 2411 upvotes; Toronto

Feb 20th, 2018 6:55 pm

Luckyinfil wrote: ↑ Great news. Wynne will see the popularity and definitely follow

LOL, Wynne will not be around soon.

+5