M2m condos floor plan . How to curb speculation in the property market. BC province of Canada, also known as British Columbia, is a province in western Canada, also known as British Columbia, is one of the four major provinces in Canada.Please Visit: M2m condos floor plan to Get Your VVIP Registration Today!
On October 16, the province formally legislated on housing speculative tax! On Tuesday, the provincial government of BC announced that it had introduced legislation to introduce a speculative tax to solve the problem of real estate speculation.
The so-called housing speculation tax means that if you own property in the province, but do not pay personal income tax, residents need to pay a tax every year, the current payment provisions are as follows: 2018 (settlement on December 31), need to pay 0.5% of the property value as speculative tax. In 2019, foreign investors and astronaut families are required to pay 2 per cent a year; Canadian citizens and permanent residents, not residents of BC province, are required to pay 1 per cent; and Canadian citizens and permanent residents and residents of BC province are required to pay 0.5 per cent.
Self-occupied property or long-term leased property can be exempted. However, the scope of the policy is very wide, and speculative tax and vacant house tax will be levied on eligible houses in the following areas, including Greater Windsor (except Bowen Island, UBC University land), Abbotsford, Chiliwak, Misson, Kilona, Nanaimo and Landsville.
This policy is currently believed to affect these two groups of people: one is overseas buyers who buy investment homes in BC province. As they do not live locally and are not tax residents, they have to pay speculative tax. Second, the family and children live in BC province, but the owner himself is not in the astronaut family who declares taxes in BC province. Third, the residents of the province but own the second vacation home property, many people own a weekend or summer vacation house, most of them are retirees.
There are still two problems with the housing speculation tax in BC province: first, the owners of empty houses may face the double tax burden. The BC Provincial Real Estate Association points out that the new deal is unfair to Vancouver’s vacant homeowners, who may face two taxes, one on vacant houses in Windsor and the other on speculation in British Columbia. Second, the tax rate is too high. In 2019, the speculative tax rate will be increased to 2%, plus the standard of municipal government tax, 0.3% Mel 0.6%, so the owners will have to pay 2.5% property tax, and the debt burden is a bit heavy.