BC seniors on a pension with a family cottage in Lake Cowichan or other regions will have to come up with an extra $5,000 annually to pay the BC govt’s Speculation Tax (based on the avg home price in BC).
The BC government is expanding the Speculation Tax into North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay and Squamish.
The province already generates $3 billion a year by charging an average $16,000 in Property Transfer Tax for a land title transfer costing $500 in Alberta.
The Speculation Tax revenue is already more than $200 million but it’s never enough as the BC govt erodes our privacy and property rights.