Sunday, December 4, 2022
December 4, 2022

Gulf Islands exempted from speculation tax

The Gulf Islands have been granted an exemption to the controversial speculation tax following weeks of lobbying to the provincial government.

The ruling was announced Monday by Finance Minister Carole James.

“There is no question that I have heard from a range of people, organizations and businesses,” she said in detailing the changes.

The NDP government said the speculation tax announced as part of the Feb. 20 budget was intended to help regulate the housing market in urban areas by fighting flipping and the influx of money from outside of the market. The government  first proposed taxing vacant homes at a rate of .5 per cent in the first year and two per cent in the second.

The initial broad application of the tax meant that some rural communities within urban regional districts were included.

Salt Spring realtor Susan de Stein had been vocal about the tax’s negative impacts on the island’s tourism and construction industries.

“I’m elated the Gulf Islands have been exempted from this tax,” she said on Monday, “but I am still very disappointed in the nature of the tax itself.” 

Saanich North and the Islands Green MLA Adam Olsen said his office had received hundreds of emails, letters and phone calls from people opposed to the speculation tax.

“I’m glad that the government has listened to these concerns and recognized that this tax doesn’t make sense for rural areas like the Gulf Islands,” he said Monday.

For more on this story, see the March 28, 2018 issue of the Gulf Islands Driftwood newspaper, or subscribe online.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Other stories you might like

Hospital emergency department construction work begins

Ground was officially broken on the $12.8-million emergency department expansion project at Lady Minto Hospital on Tuesday. Lady Minto Hospital Foundation (LMHF) chair Dave Taylor...

Viewpoint: Keep minds Open to Truth

By MLA Adam Olsen and MLA Sonia Furstenau In the four years that we have been Members of the Legislative Assembly, hundreds of British Columbians...

MLA invites thoughts on B.C.’s policing practices

BY ADAM OLSEN SAANICH NORTH AND THE ISLANDS MLA 2020 was a year of monumental disruption. The COVID-19 pandemic played one part. The profound impacts...

ASK Salt Spring Retrospective on this Friday

By GAYLE BAKER ASK SALT SPRING Would you like to hear answers from all of of our elected officials? You will have that opportunity at an...

Weather

Salt Spring Island
broken clouds
-0 ° C
2.1 °
-3.2 °
87 %
4.1kmh
75 %
Sun
1 °
Mon
-0 °
Tue
1 °
Wed
3 °
Thu
3 °