As many as 112,000 B.C. homeowners are about to get bills in the mail for a tax that they shouldn’t be paying
VICTORIA — B.C.’s finance minister is promising leniency for those who missed the deadline to opt out of the contentious new speculation tax.
But put it in terms of actual people, and the numbers start to paint a much more sobering assessment of the potential risk facing the NDP government. Faced with as high as a 4:1 ratio of collateral damage to actual speculators, it’s no wonder James offered up leniency when the speculation tax exemption deadline passed Sunday.
Homeowners with multiple properties in those communities, who leave them vacant, will pay a two per cent tax on assessed value if they are foreigners or satellite families , and a 0.5 per cent tax if they are Canadians. Amid blowback, the government last year exempted Parksville, Qualicum Beach, the Gulf Islands, Kent, Hope, Harrison Hot Springs and Bowen Island. Whistler is also exempt.
Engagement, so far, has had mixed results. The Kelownas and Nanaimo have been leading the fight for exemptions. They included a 93-year-old retiree who built his own cabin in Belcarra 50 years ago and faces a $4,000 bill to keep it in the family so his great grand children use it; a retired music teacher who lives in a basement suite in Burnaby but inherited a small cottage from her deceased aunt and now faces a $6,000 bill for a rustic cabin without insulation; and a 71-year-old whose father built a cabin 61 years ago and can’t afford the $6,000 new tax on her $22,000 a year old age pension.
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