Pasco's Blog

Scrambling BC Gov't - More taxes to curb foreign investing.


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July 26, 2016

Granted something needed to be done, is another massive tax grab really the answer to an industry already providing a $600 Mil surplus to Gov't accounts?

Perhaps something a bit more contemplated and moderate would have been appropriate, but it's much simpler/quicker for any government to impose a tax.

The 'justified' cries of BC citizens provided the liberals with another chance to tax and they're taking full advantage in the name of 'making housing more affordable'...though I fail to see the logic/linkage here!

In reality, it's not likely to have a big effect as many Chinese Nationals will not be deterred in their efforts to secure Canadian residency & ultimately a Canadian passport (with all its benefits).

There's always ways around the system and many of these buyers will simply continue to secure Canadian residency via Quebec's immigrant program (Residents don't pay the new tax) or simply continue to buy properties through Canadian resident friends/associates.


A few suggestion;

Perhaps, in conjunction with this massive tax on foreign national buyers, a reduction in the Property Transfer Tax for local, first-time buyers would be timely. Now that's something that would really help with affordability & it's something that could be easily funded by the windfall to be collected from the new tax.

and

It may also be prudent to allow Foreign Nationals an exemption on the new tax based on the properties value ($800,000 + pays the new tax).

Consider all of those valued off-shore buyers (US. Europe etc.) that simply buy one modest property in the GVRD. Properties typically used as a second home/resort get-a-away for use of family & vacationing and in many cases, are rented out while their away.

Sounds simple? Perhaps but it would really give a 'shot in the arm' to local buyers while not shutting out completely many well-intending, welcomed & much needed foreign buyers.

Stay posted for more surprises & Government announcements/changes.

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