Saturday Free-for-all! 

Normally this post would happen on a Friday, but somebody went amiss.

This is our regular end of the week news round up and open topic discussion thread for the weekend. 

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

Sort by:   newest | oldest | most voted
bullwhip29
Guest
bullwhip29

B.C. government sends 30 news releases in 7 hours, announcing over $2.3B in spending
http://globalnews.ca/news/3349678/b-c-government-sends-30-news-releases-in-7-hours-announcing-over-2-3b-in-spending/

Best place on meth
Guest
Best place on meth

You’d think the bitch would have a better than 34% approval rating after handing out so much cash.

squeak
Member
squeak

Too little, too late. That spending will do nothing for the damage they have caused.
Talk to the hand.

eddy
Guest
eddy
patriotz
Member

Headline is getting warmer, but still misses the mark. Body gets it right:

If elected May 9, NDP would levy annual property tax on owners not paying Canadian income taxes or renting out home

YVR
Guest
YVR

Sounds good on the surface but three big loop holes you can drive a truck through. Residents with no income are exempt? HAM has no income. What qualifies as renting a place? A room at $100 per month claimed on your income taxes? Exempt after 5 years ownership? That means you pay the 2% tax for a maximum 5 years then you are exempt.

There would also be exemptions for various other cases, such as residents with no taxable income or war veterans, even if they have lived in the home for less than five years.

Further, any owner who rents out their property and declares the rental income in Canada would also be exempt from the levy.

patriotz
Member

“Residents with no income are exempt? ”

No, in fact the primary intent is to tax residents with no income.

“What qualifies as renting a place?”

Market rent. I’ve posted a link to the act, Christy, why not read it.

YVR
Guest
YVR

You forget to address the 5 year exemption. A HAM buyer who bought in 2015 for example would pay 2% tax for 3 years and then be exempt. A rounding error on HAMs expenses. Any HAM buyer who bought in 2012 or earlier is exempt without paying a dime.

Newcomer
Member
Newcomer

So?

backwardsevolution
Guest
backwardsevolution

Newcomer – are you thick?

YVR
Guest
YVR

So the tax is virtually meaningless with the 5 year limit. The max anyone could pay is 5 years x 2% = 10% which is just 2/3 of the foreign buyers tax that the NDP said did not go far enough. Most of the current HAM owned houses would pay nothing or next to nothing because they already own them. In fact it may prevent HAM from selling once they own an exempt house.

Newcomer
Member
Newcomer

So?

What is it that you want to achieve. Do you want to impact the real estate marked or do you want to punish Chinese people?

YVR
Guest
YVR

This plan does neither.

Newcomer
Member
Newcomer

So let’s hear yours. Why hold back with the wisdom and insight? Let it shine, man!

YVR
Guest
YVR

I would have a taxation system like Texas. Much higher property taxes and no provincial income taxes. Texas has avoided property bubbles with this policy. It rewards working and prevents RE prices from going up with high taxation rates as a deterrent. Those who do not claim income or low income but have a high net worth in property will still pay fair taxes. It is impossible to evade.

YVR
Guest
YVR

Note Texas has about a 2% tax rate for all residential RE. No loop holes. Compared to Vancouver which is 0.317% tax rate. Texas has no state income tax which offsets the higher property tax.

Best place on meth
Guest
Best place on meth

“a taxation system like Texas”

This is an excellent idea.

From memory, property taxes there are close to 2% rather than the paltry 0.3% that money launderers pay here on a $3M property.

YVR
Guest
YVR

Market rent. I’ve posted a link to the act, Christy, why not read it.

Market rent? Laughable. After you deduct expenses such as property tax, mortgage interest and expenses there is zero taxable income at market rent. Just fill out the numbers on your tax return and you pay no tax on rental income and are exempt from the 2% tax.

Newcomer
Member
Newcomer

If the property is being rented, what is the problem?

It’s hard to see what your thought process is here other than to find fault.

Do you have a better tax in mind?

YVR
Guest
YVR

“If the property is being rented, what is the problem?”

I guess I am not as naive as you and do question politicians promises. There would be no problem if in fact the property was legitimately 100% rented. How do they verify it is legitimately rented? If it is just your income tax then that is easy to claim rent and deductions (no net taxable income) to avoid the 2% annual tax. Does family count as a tenant for example? Corporation renting to share holder, etc. etc.

Newcomer
Member
Newcomer

We can always imagine scenarios in which every law is circumvented. But if hypothetical circumvention made laws pointless we would not bother to have any laws at all. We put up traffic lights even though it is possible to just drive through when nobody is looking.

Best place on meth
Guest
Best place on meth

You keep forgetting the kind of people we’re dealing with, the type that begin finding ways to cheat from the moment they’re born.

Newcomer
Member
Newcomer

And you keep forgetting that bigotry itself causes the bigot more suffering than could ever be inflicted on him by the group he hates.

Be nice to yourself and let it go.

Best place on meth
Guest
Best place on meth

Look at you, finally making some progress. You’ve dropped the pathetic whining about “racism” and changed it to “bigotry”.
Yes, I accept that I’m extremely bigoted against communists and proud of it.

Newcomer
Member
Newcomer

From the moment they are born.

Best place on meth
Guest
Best place on meth

Into a corrupt society.

YVR
Guest
YVR

It is a legislature’s responsibility to create laws that are not easily circumvented otherwise they are pointless. The people they are targeting are already supposedly circumventing income tax laws by not claiming world wide income so I think it is fair to say they they will try to circumvent these as well. Like I said you are naive.

Newcomer
Member
Newcomer

Fortunately there are clear seeing people such as yourself out there.

So let’s hear your better law.

YVR
Guest
YVR

“Residents with no income are exempt? ”

No, in fact the primary intent is to tax residents with no income.

Quoting the article, again:

There would also be exemptions for various other cases, such as residents with no taxable income