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Writeoff
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Speculation tax ! Finally

Tue Feb 20, 2018 2:47 pm

 
eyesthebye2
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Re: Speculation tax ! Finally

Tue Feb 20, 2018 8:46 pm

Also:

"The province also hopes to stave off speculation by closing real estate tax loopholes by requiring more compressive information regarding condo presales and beneficial ownership (sometimes referred to as ‘shadow ownership’).

“Our housing market should not be treated like a stock market,” James commented.

A database will track pre-sale condo assignments to ensure that those intending to flip properties pay the required taxes each time the condo changes hands in the process".


Bye bye condo market
 
jimtan
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 12:12 am

Speculation tax on +$3m properties. Yaaaaaaahh!
 
reallyreal2
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 9:26 am

Also:

"The province also hopes to stave off speculation by closing real estate tax loopholes by requiring more compressive information regarding condo presales and beneficial ownership (sometimes referred to as ‘shadow ownership’).

“Our housing market should not be treated like a stock market,” James commented.

A database will track pre-sale condo assignments to ensure that those intending to flip properties pay the required taxes each time the condo changes hands in the process".


Bye bye condo market
It's quite shocking that nobody has tracked pre-sales in the past.
 
VanBullBear
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 11:39 am

more writing on the wall.

I was afraid that the NDP would not live up to their promises but I have to say... they delivered.
It couldn't have turned out any better that they needed Green party's support to win government. Weaver will keep them in check.

I'm looking forward to see if they implement these policies effectively.
 
VanLord
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 10:18 pm

Speculation tax on +$3m properties. Yaaaaaaahh!
you might want to re-read the taxes.  Speculation Tax doesn't have a 3m threshold, but the PTT will increase above 3m
 
eyesthebye2
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 10:19 pm

Also:

"The province also hopes to stave off speculation by closing real estate tax loopholes by requiring more compressive information regarding condo presales and beneficial ownership (sometimes referred to as ‘shadow ownership’).

“Our housing market should not be treated like a stock market,” James commented.

A database will track pre-sale condo assignments to ensure that those intending to flip properties pay the required taxes each time the condo changes hands in the process".


Bye bye condo market
It's quite shocking that nobody has tracked pre-sales in the past.
These tax evading assholes loved that loophole
 
VanLord
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 10:25 pm

Also:

"The province also hopes to stave off speculation by closing real estate tax loopholes by requiring more compressive information regarding condo presales and beneficial ownership (sometimes referred to as ‘shadow ownership’).

“Our housing market should not be treated like a stock market,” James commented.

A database will track pre-sale condo assignments to ensure that those intending to flip properties pay the required taxes each time the condo changes hands in the process".


Bye bye condo market
It's quite shocking that nobody has tracked pre-sales in the past.
These tax evading assholes loved that loophole
Its a shame we let billions walk out the door already.  Probably to little to late, and it doesn't stop a foreign buyer from assigning pre-sales and walking away with the gains.  Since the CRA/Gov of BC can't exactly go after them.  Although the builders have already started raising the fees for assignments.
 
eyesthebye2
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 10:27 pm

more writing on the wall.

I was afraid that the NDP would not live up to their promises but I have to say... they delivered.
It couldn't have turned out any better that they needed Green party's support to win government. Weaver will keep them in check.

I'm looking forward to see if they implement these policies effectively.
Trust the NDP buddy.
They're the only party that cares about the middle and working class, seniors etc.
16 fucking years of Liberals!
 
VanLord
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Re: Speculation tax ! Finally

Wed Feb 21, 2018 10:38 pm

more writing on the wall.

I was afraid that the NDP would not live up to their promises but I have to say... they delivered.
It couldn't have turned out any better that they needed Green party's support to win government. Weaver will keep them in check.

I'm looking forward to see if they implement these policies effectively.
Trust the NDP buddy.
They're the only party that cares about the middle and working class, seniors etc.
16 fucking years of Liberals!
Actually just reading the details of the Speculation Tax and there are a lot of details that don't make sense in terms of the exceptions and what constitutes a vacant property.  
Trust the NDP..haha this is a slippery slope we are on now and there is a very good chance they will push us into a very bad place economically.  Considering they just schooled business with a double tax on MSP.  We could see a lot of businesses moving away or changing strategy.  Look at all the tech companies that have setup shop here, with big tax decreases in the US and tax increases here, pretty sure they are going to change some of their expansion plans.  
 
reallyreal2
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Re: Speculation tax ! Finally

Thu Feb 22, 2018 6:52 am

more writing on the wall.

I was afraid that the NDP would not live up to their promises but I have to say... they delivered.
It couldn't have turned out any better that they needed Green party's support to win government. Weaver will keep them in check.

I'm looking forward to see if they implement these policies effectively.
Trust the NDP buddy.
They're the only party that cares about the middle and working class, seniors etc.
16 fucking years of Liberals!
Actually just reading the details of the Speculation Tax and there are a lot of details that don't make sense in terms of the exceptions and what constitutes a vacant property.  
Trust the NDP..haha this is a slippery slope we are on now and there is a very good chance they will push us into a very bad place economically.  Considering they just schooled business with a double tax on MSP.  We could see a lot of businesses moving away or changing strategy.  Look at all the tech companies that have setup shop here, with big tax decreases in the US and tax increases here, pretty sure they are going to change some of their expansion plans.  
Didn’t you see Vancouver’s proposl for Amazon HQ - we have one of the cheapest costs for programmers in NA. The MSP being passed to business would be immaterial to a tech company.

Generally speaking, tech companies rarely make money so the tax regime is also less important. Once you make money, you can start using loopholes like Apple did to avoid taxes.

Either way - not sure what the big deal is. Either I pay MSP or my employer. If my employer does, I would expect to receive less salary. Zero sum gain.

Business had a great run for 16 years and most middle class in the city got left behind being worse off. Not sure how much worse the NDP could be.
 
VanLord
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Re: Speculation tax ! Finally

Thu Feb 22, 2018 10:47 am


Trust the NDP buddy.
They're the only party that cares about the middle and working class, seniors etc.
16 fucking years of Liberals!
Actually just reading the details of the Speculation Tax and there are a lot of details that don't make sense in terms of the exceptions and what constitutes a vacant property.  
Trust the NDP..haha this is a slippery slope we are on now and there is a very good chance they will push us into a very bad place economically.  Considering they just schooled business with a double tax on MSP.  We could see a lot of businesses moving away or changing strategy.  Look at all the tech companies that have setup shop here, with big tax decreases in the US and tax increases here, pretty sure they are going to change some of their expansion plans.  
Didn’t you see Vancouver’s proposl for Amazon HQ - we have one of the cheapest costs for programmers in NA.  The MSP being passed to business would be immaterial to a tech company.  

Generally speaking, tech companies rarely make money so the tax regime is also less important.  Once you make money, you can start using loopholes like Apple did to avoid taxes.

Either way - not sure what the big deal is.  Either I pay MSP or my employer.  If my employer does, I would expect to receive less salary.  Zero sum gain.

Business had a great run for 16 years and most middle class in the city got left behind being worse off.  Not sure how much worse the NDP could be.
The MSP will still be collected in 2019 and the Payroll tax will be enacted in 2019.  MSP doesn't come off the board until 2020, so they are double taxing.  Not exactly a zero sum game.  Not to mention that many more people don't actually receive this benefit and are required to pay out of pocket, so the 1.95% payroll tax will be higher than the cost of covering MSP premiums for its employees.  Personally I'm happy to see the MSP go, but this will be negative to businesses, and will have a drag on the economy in BC.  
Hey I'm not saying the Liberals didn't deserve to get booted, but the NDP's answer to everything has been new or higher taxes.  That in the end isn't going to be good for the middle class.
Also your point about the middle class is false.  The Liberals may have hurt the lower class, but the middle class has done pretty darn well, assuming they own a home, they have increased there equity and net worth quite handsomely.  Most middle class folks that I know have done extremely well over the past number of years, even the ones that don't own a home are doing well with good employment prospects, anyone in the trades have been fully employed and are making tons of money, while anyone in the white collar space has also been fully employed with options to move up the employment ladder.  But hey getting a good job does require hard work and improving your own fortunes generally requires an education, and an ability to save and invest money.  
The lower class has struggled, but that to me is also a 1st world problem, not a direct result of the BC Liberals, although their homeless policies and have been quite bad for sure.  The lower rung of society definitely took a big hit under the Liberals.
I personally think the NDP policies are going to be quite disastrous for the middle class, more taxes from all sides, including the carbon tax, with a much less friendly business climate and a big air brake applied to the real estate market, which has been a huge economic driver (rightly or wrongly) for BC.  
I just say careful what you wish for...The finance minister just said she wants a drop in the market, I don't recall any government ever saying they want the market to drop.  She is also forgetting that her surplus budget relies on all those PTT funds, so if the market does drop, she will be staring at a big deficit.
 
Austin
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Re: Speculation tax ! Finally

Mon Mar 05, 2018 5:56 am

 Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional Districts and Kelowna and West Kelowna

I wonder what impact this tax will have on markets outside these areas.
Redistribute consumption, not income.
 
VanLord
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Re: Speculation tax ! Finally

Wed Mar 07, 2018 10:05 am

I guess the realestatetalks board belongs to Jim Tan now...no one had anything to say about my last post..again careful what you wish for.

http://vancouversun.com/opinion/columni ... lation-tax
 
reallyreal2
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Re: Speculation tax ! Finally

Wed Mar 07, 2018 11:47 am

Squeeking wheels.

Not sure anybody has too much sympathy for people that don't pay tax in BC with multiple properties with one sitting empty.

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