Saturday, August 13, 2016

Finally, a Made in BC Liberal Sequel to Basi and Virk's $6 million payment from 'de Jong and the Feckless': 15% Foreign Buyer Property Tax

reckless:  without thinking or caring about the consequences of an action.

BC Liberal Government Caucus
BC Liberal Campaign organizer Barindar Sall for star candidate Kash Heed claimed in an advertisement flyer targeting Chinese residents via Canada Post ....  that the BC NDP would bring in an Inheritance Tax if they were elected in 2013.

It sure looks like the The BC Liberals 15% .......  IS an INHERITANCE TAX against Chinese and other foreigners.   Tacking on $300,000 on a property selling for $2,000,000   IS an INHERITANCE TAX with all the monies going to the BC Liberal government.

feckless:  lacking initiative or strength of character; irresponsible.
Dan Murphy
BC Rail Trial ended with $6 million being paid to two OIC appointees even though they pleaded guilty.

Google Search:  bc rail trial, was justice served

Robin Mathews

The BC Rail Scandal: A Test of the BC Higher Courts

The pre-trial hearings in the one criminal case arising out of the BC Rail Scandal have exposed the soft underbelly of power in the province. May 3 will begin trial of the three cabinet aides accused of criminal wrongdoing in the corrupt transfer of BC Rail to CNR by the Gordon Campbell government.  The administration of justice in British Columbia has been shaken to its roots in a pre-trial process marked by delay, apparent obstruction, the erasure of disclosure material by government, the de facto refusal to release search warrants, juggling of judges – and more.

Many are talking and writing about the shameful secrecy of the BC higher court system, about its irregularities, inconsistencies, inefficiencies, exorbitant costs, and … more.

The inadequacies, I believe, are orchestrated from the premier’s and the Attorney General’s offices to protect what I hold is mounting criminal breach of trust on the part of the Gordon Campbell forces.

In a burst of (mock?) concern present Attorney General Michael de Jong recently announced a number of reform things he might do – garnering him much press coverage.  He will do none of them, I believe, because the Attorney General’s ministry is a key location from which, I allege, law and judicial proceedings are manipulated to cover what I believe are Gordon Campbell government criminalities.    ...... SNIP

Your Investment Property:   And from a way down under ... Australia:

 Foreign investors may feel like state governments in Australia are exploiting them given recent tax hikes, but they may fell less taken advantage of when they consider tax changes proposed in Canada.

In their respective state budgets New South Wales, Queensland and Victoria all instituted some mix of higher stamp duty or land tax rates for foreign buyers of residential real estate, with Victoria’s 7% stamp duty surcharge the largest increase levied against offshore buyers.

Those moves were criticised by many at the time and are estimated to add tens of thousands of dollars to the price foreign buyers pay for real estate in the country, but they pale in comparison to moves made in Canada.

According to a report in The Canadian Press, British Columbia Finance Minister Mike de Jong has introduced legislation that will see foreign buyers pay an additional property transfer tax of 15% on purchases in metropolitan Vancouver.

The additional tax will come into force from 2 August and according to de Jong would see a C$2m dollar property come with an extra tax bill of $300,000.

According to de Jong, foreign investors purchased C$1b of real estate from 10 June to 14 July this year.

While de Jong’s new tax may dwarf those instituted in Australia, the sentiment around foreign buyers is similar in both countries.  .........   SNIP


Bill said...

Feckless character - shamefull actions...

Christy and the BC Pirate Liberals.

e.a.f. said...

If there is a nickel to be grabbed Christy and her cabal are on it.

The legislation was not well thought out and did not take into consideration those people who were in the process of buyer and becoming Canadian residents.

Does it solve the problem of an over heated market? Of course not. Those with money know that even with the 15% tax prices in B.C. are still a good investment, in terms of the world market.

Housing needs to be seen as a "service" just as public transportation, health care, education, etc. Forcing people with less money to move out of Vancouver and leave it to the millionaires/billionaires does not make for a liveable city.

We need to restrict who owns land in Canada. As a province we need to restrict home ownership to those who live here full time. Those who do not ought to be restricted to one condo. That is what China does.