Oh boy, can you imagine! If they do this property owners will be at the politicians doorsteps with pitchforks - not because of the loss of the benefit but because of the high taxes! Drop the property transfer tax (est. projected to hold steady at $1.91 billion 2020) and remove this benefit at the same time.
Editorial: Homeowner grant benefits those who have least need for it
/ Times Colonist
JANUARY 12, 2020 06:00 AM
The rationale behind the program is supposed to be that it helps lessen the impact of property taxes. Homeowners who qualify apply to their local municipality, which, in turn, is reimbursed by the province. In 2020, the Finance Ministry estimates the all-in cost at $849 million. https://www.timescol...r-it-1.24050919
But very little about this scheme makes sense. For a start, it’s enormously expensive.In 2020, the Finance Ministry estimates the all-in cost at $849 million.
Edited by VIResident, 13 January 2020 - 12:39 PM.