Image: THE CANADIAN PRESS/Graeme Roy

Feedback: Readers on the speculation tax

Kelowna Capital News readers give their opinions on recent stories

The proposed speculation tax has been forefront of discussion at the Capital News web site at kelownacapnews.com and on our Facebook page. Here are a few comments:

Rob Milne:

Totally and utterly unnecessary damage to the economy will be created by this asset tax. It does not hurt true speculators who flip properties. It will only be the super rich who can offset the tax with a non-refundable tax credit. It clobbers people trying to retire with a cottage who are doing nothing to cause sky-high housing prices in Vancouver.

Given how clearly cynical this is, yet still being pushed, we need to look at the real motive, and it’s truly scary. Connect the dots and we have people who worked for years, paid taxes, and yet managed to save enough to buy a second recreational property. Now these people are retiring and paying less tax. So, how does a government obsessed with tax revenue make up for that? They and their economist hack academics at UBC say we need to lower income tax rates and increase property tax rates.

Jane Boon:

The consequences of the so-called speculation tax are already being felt. The consequences are no longer theoretical, and they are negative for two important sectors of the B.C. economy—tourism and real estate. And if implemented, it will have ripple effects throughout the province. Scrap this noxious tax, which doesn’t actually deter speculation, but instead harms second homeowners. Other communities have addressed their housing problems without implementing an asset tax. What’s stopping B.C. from pursuing other, more sensible measures?

Dianne Varga:

Why should some out-of-province rich people have second homes that sit vacant for most of the year while local employers say they can’t attract the workers they need because of the housing crisis? The local economy is much wider than tourism and real estate. The CBC reported that a 2017 survey of 200 businesses conducted by the Central Okanagan Economic Development Commission found that this problem of being unable to attract workers extends to all sectors of the regional economy.

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaCapNews
newstips@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Okanagan’s smoke filled skies toxic to pets

Pet owners should take extra precautions with pets until smoke dissipates

Air support grounded as fires fill the skies with smoke

Update Aug. 19 1:25 p.m. A majority of air support is still… Continue reading

Crews continue extinguish Snowy Mountain Wildfire

The 13,359 hectare wildfire is classified as held

Smoky skies means stay inside, according to Interior Health

The air quality in the Okanagan is considered a high risk

Flights from Kelowna International Airport affected by wildfire smoke

Passengers are being asked to check their flight’s status before arriving

Canadians fear for relatives trapped amid flooding in Indian state of Kerala

More than 800,000people have been displaced by floods and landslides

IndyCar driver Wickens flown to hospital after scary crash

IndyCar said Wickens was awake and alert as he was taken to a hospital

Ex-BCTF president ‘undeterred’ after early release from pipeline protest jail term

Susan Lambert and Order of Canada recipient Jean Swanson released early

Fast food chains look to capitalize on vegetarian, vegan trend with new items

Seven per cent of Canadians consider themselves vegetarians and 2.3 per cent identify as vegans

B.C. swimmer halts journey across Strait of Juan de Fuca after hypothermia sets in

Victoria MS athlete Susan Simmons swam for eight-and-a-half hours in 9 C choppy waters

‘Hard on water:’ Smoke not the only long-range effect of wildfires

The project began more than 10 years ago after southern Alberta’s 2003 Lost Creek fire

B.C. VIEWS: Genuine aboriginal rights are misused and discredited

Camp Cloud one of long line of protests falsely asserting title

Prime Minister Justin Trudeau to march in Montreal’s Pride parade

Trudeau will end the day in his home riding of Papineau

Most Read