Real Estate

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

  • Last Updated:
  • Mar 1st, 2018 8:10 pm
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[OP]
Deal Addict
Jul 3, 2007
3390 posts
3720 upvotes
Toronto

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/
221 replies
Penalty Box
Aug 11, 2005
4175 posts
1427 upvotes
Great news. Wynne will see the popularity and definitely follow
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Deal Guru
Feb 22, 2011
10451 posts
12977 upvotes
Toronto
Nice, come back to Toronto investors :)
[OP]
Deal Addict
Jul 3, 2007
3390 posts
3720 upvotes
Toronto
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.
Deal Addict
Dec 4, 2016
1906 posts
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rjg4235 wrote: Nice, come back to Toronto investors :)
Nah, same things will soon happen to Toronto. Come to Ottawa instead.
Deal Fanatic
Dec 5, 2009
5691 posts
3447 upvotes
I can see Ontario follow suit


Where’s that guy who keeps pumping London RE....
Penalty Box
Aug 11, 2005
4175 posts
1427 upvotes
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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Deal Fanatic
Dec 6, 2006
5197 posts
1490 upvotes
Toronto
"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.
Deal Fanatic
Dec 5, 2009
5691 posts
3447 upvotes
Luckyinfil wrote: Wynne will one up the ndp. 200% fbt coming
She needs some way to pay for all that free hydro and prescriptions.
Deal Guru
Feb 22, 2011
10451 posts
12977 upvotes
Toronto
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.
Jr. Member
Oct 27, 2017
129 posts
120 upvotes
Keep raising taxes. Thats your solution to everything.
Banned
Jul 20, 2017
91 posts
132 upvotes
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.
Member
Dec 22, 2004
271 posts
60 upvotes
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?
[OP]
Deal Addict
Jul 3, 2007
3390 posts
3720 upvotes
Toronto
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"
Deal Addict
Dec 27, 2006
1972 posts
950 upvotes
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.
Banned
Jul 20, 2017
91 posts
132 upvotes
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.
Sr. Member
Jan 4, 2013
578 posts
117 upvotes
TORONTO
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/
Deal Fanatic
May 31, 2007
5018 posts
2162 upvotes
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.
Deal Guru
Feb 22, 2011
10451 posts
12977 upvotes
Toronto
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.
Deal Addict
Jan 17, 2006
2194 posts
2303 upvotes
Toronto
Luckyinfil wrote: Great news. Wynne will see the popularity and definitely follow
LOL, Wynne will not be around soon.

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