Highlights of British Columbia’s 2018-19 budget
Source: CTV News
VICTORIA – Highlights of British Columbia’s 2018-19 budget presented Tuesday:
– Effective Wednesday, a tax on foreign homebuyers increases by $5,000 to $20,000 and expands from Metro Vancouver to include homes in the Victoria-area, the Fraser Valley, the central Okanagan district in the province’s Interior, and the Nanaimo Regional District.
– A new speculation tax will be introduced in the fall aimed at foreign and domestic homeowners who don’t pay taxes in B.C., affecting properties in Metro Vancouver, the Victoria area, Fraser Valley, Nanaimo Regional District, Kelowna and West Kelowna.
– The property transfer tax on homes with a fair market value of more than $3 million increases to five per cent from three per cent.
– More than $6 billion will be spent over the next 10 years to create 114,000 housing units for families, seniors, students and women and children escaping domestic violence.
– Medical service plan premiums will be eliminated on Jan. 1, 2020, saving an individual up to $900 a year and families up to $1,800 annually.