1003 replies to this topic

[Nparker]

...I am curious why they can’t piggy back off the declaration for the home ownership grant though...

Perhaps so they can "accidentally" get additional tax revenue from those who neglect/forget to follow this new exemption process. I have a feeling it's going to be problematic for some seniors.

[spanky123]

It shouldn't matter who you are, if you are the co-owner of a property when the other(s) on title pass away you should inherit the property sans probate. If not, then a surviving spouse should also be subject to probate fees.

 

What I am suggesting is that perhaps the tax is designed to force children to be dropped from the title so that they will later have to pay probate.

[rjag]

I am curious why they can’t piggy back off the declaration for the home ownership grant though. Or simply compel the munis to send them that data. I’m sure they thought of that so there must be some barrier

 

I believe its because there is more to the collection of this data than identifying a few thousand 'vacant' properties... this is like taking a flamethrower to an ant nest

[spanky123]

I believe its because there is more to the collection of this data than identifying a few thousand 'vacant' properties... this is like taking a flamethrower to an ant nest

 

They are asking for the names and addresses of everyone on title along with SIN. That is far more intrusive then the homeowners grant.

 

My guess is that they also want to tie each of the people on title back to income tax returns to track whether people are declaring the sale of properties as well.

[Bob Fugger]

They are asking for the names and addresses of everyone on title along with SIN. That is far more intrusive then the homeowners grant.

 

My guess is that they also want to tie each of the people on title back to income tax returns to track whether people are declaring the sale of properties as well.

 

I won't be putting in my SIN.  They can come after me for it.

 

There has to be a rational connection to the program for which personal information is gathered.  They can't just turn around and share it with another program unless the programs are identified as integrated programs, there is an Information Sharing Agreement (ISA) governing how the information is shared between programs and this is disclosed up front to the user.

 

OK, so who's going to file the privacy complaint with OPCBC on this one? 

Edited by Bob Fugger, 17 January 2019 - 01:23 PM.

[Nparker]

What I am suggesting is that perhaps the tax is designed to force children to be dropped from the title so that they will later have to pay probate.

I realize that. I am just suggesting that anyone should be allowed to co-own a property without fear of probate tax implications.

[Bob Fugger]

What I am suggesting is that perhaps the tax is designed to force children to be dropped from the title so that they will later have to pay probate.

 

Sorry, I'm missing something: why would this tax force children to be dropped from title?

[Nparker]

Sorry, I'm missing something: why would this tax force children to be dropped from title?

If non-resident co-ownership (i.e. children on the title of their parents' homes) triggers the speculation tax.

[Bob Fugger]

If non-resident co-ownership (i.e. children on the title of their parents' homes) triggers the speculation tax.

 

Surely, though, if I reside in the home and my kids live in another province but are on title, that can't trigger the tax, can it?

[rjag]

If non-resident co-ownership (i.e. children on the title of their parents' homes) triggers the speculation tax.

 

Or it has something to do with the implementation of a capital gain tax on principal residences.

[Victoria Watcher]

No real alternative though. You can’t mail it out and expect people that need to pay to self-identify.

r

that’s right. it’s not like income tax that everyone knows you must file. this thing is brand new and somewhat complicated.

[spanky123]

Surely, though, if I reside in the home and my kids live in another province but are on title, that can't trigger the tax, can it?

 

You wouldn't think but they are asking everyone on title to file an attestation whether they are related or not. If you are a kid living in another province and on title then what do you say? 

[Nparker]

Surely, though, if I reside in the home and my kids live in another province but are on title, that can't trigger the tax, can it?

I am not sure.

Here's another scenario. Elderly, never-married siblings long ago inherited the family home. Both are on title to the property. Until recently, both resided in the home as their principal residence. Failing health forces one of the siblings to move into an extended care facility. Will the speculation tax apply to this property now that one of the title-holders is no longer a resident?

[Nparker]

It speaks volumes when you see the sort of mental processes behind those that support this government's insane initiatives.

I know that the B.C. NDP is on the right track with the speculation tax when the following groups are against it: Canadian Home Builders Association, Independent Contractors of British Columbia, Victoria Real Estate Board, Canadian Mortgage Brokers Association, Urban Development Institute and the Canadian Taxpayers Federation.

https://www.timescol...rack-1.23605602

 

[rjag]

It speaks volumes when you see the sort of mental processes behind those that support this government's insane initiatives.

 

Naivety at its finest. You see the same puppets making these silly comments as supported the referendum. They blindly follow without understanding basic economics and the impact of 'Ready, Fire, Aim' policies so loved by ideologues like the NDP.

 

They are playing identity politics, talking about the 'rich speculator' or Chinese money launderer screwing over the common working man and denying them access to the type of house in the type of neighborhood that their parents owned.

 

Nothing gets the mob whipped up like the thought of some rich Daddy Warbucks having to pay 'that little bit more' or that offshore Chinese money launderer...

 

No clue that 2-3% mortgages had more of an impact than anything in driving up the prices, no clue that these rich asians are not buying up swaths of Fernwood or Esquimalt and leaving the properties empty. 

 

Can anyone not see a correlation between this xenophobia and the mobs demand to identify the culprit and have a ritual execution? The Progressive Left needs to blame someone

 

Where are all the empty homes? 

 

Since when is it a crime to own a 2nd property?

 

This is Germany 1936 all over again except its not the Jews being blamed for societal issues its the rich person or the developer or the rich foreigner...These people that dont see their own xenophobia and internal racism disgust me. 

 

"Economics and politics must both deal with a basic fact of life: What everybody wants adds up to more than what is possible. Economics deals with this by rationing through prices. Politics deals with it by lying and promising more than it can possibly deliver."

 

[rjag]

Geoff Meggs dirty fingerprints are all over this tax. If anyone should be run out of town its him

[LeoVictoria]

Naivety at its finest. You see the same puppets making these silly comments as supported the referendum. They blindly follow without understanding basic economics and the impact of 'Ready, Fire, Aim' policies so loved by ideologues like the NDP.

They are playing identity politics, talking about the 'rich speculator' or Chinese money launderer screwing over the common working man and denying them access to the type of house in the type of neighborhood that their parents owned.

Nothing gets the mob whipped up like the thought of some rich Daddy Warbucks having to pay 'that little bit more' or that offshore Chinese money launderer...

No clue that 2-3% mortgages had more of an impact than anything in driving up the prices, no clue that these rich asians are not buying up swaths of Fernwood or Esquimalt and leaving the properties empty.

Can anyone not see a correlation between this xenophobia and the mobs demand to identify the culprit and have a ritual execution? The Progressive Left needs to blame someone

Where are all the empty homes?

Since when is it a crime to own a 2nd property?

This is Germany 1936 all over again except its not the Jews being blamed for societal issues its the rich person or the developer or the rich foreigner...These people that dont see their own xenophobia and internal racism disgust me.

Yes yes they’re coming with the gas chambers any day now.

Hyperbole aside, I don’t like the implementation of the spec tax despite agreeing with the spirit of it (reduce empty homes).

Too bad this will derail from the much more serious effort into doing something to curtail the rampant money laundering that has been buoying the lower mainland property market, now estimated to the tune of $1B to $2B per year. Something needs to be done about that but I’m concerned that this bungled spec tax will derail attempts to do so.

[rjag]

Hyperbole aside, I don’t like the implementation of the spec tax despite agreeing with the spirit of it (reduce empty homes).

Too bad this will derail from the much more serious effort into doing something to curtail the rampant money laundering that has been buoying the lower mainland property market, now estimated to the tune of $1B to $2B per year. Something needs to be done about that but I’m concerned that this bungled spec tax will derail attempts to do so.

 

How many empty homes do you see in Fernwood or Vic West or in GordonHead? You're a real estate junkie, you should be able to pull that number?  

 

As for the $1b-$2b in money laundering, yes its good to make efforts to stop or reduce it...what is the total value of sales in Vancouver in a year? When I see 1 sale, the White Spot land for $245million or the $100million for the 2 Chevron locations in downtown Van then a couple of billion is barely a ripple 

 

https://biv.com/arti...al-estate-deals

 

The value of B.C.’s top 100 real estate deals fell 5.9% in 2017 to $3.98 billion compared with $4.23 billion in 2016, but their median value increased by $9.1 million (51.3%) to $27.1 million compared with $17.9 million in 2016.

 

Edited by rjag, 20 January 2019 - 10:15 AM.

[Mike K.]

It may not be Stalinist communism but it’s a real good taste of what socialism is like. Everyone’s a suspect, everyone’s a speculator ...until proven otherwise.

Stew Young’s comments on CFAX insinuating the speculation tax process is corrupt is a story that has thus far received very little air time, but Young was the wrong mayor to have messed with.