The owner of a Salmon Arm business argues the incoming speculation tax will not make it easier to operate between provinces.
At its June 9 meeting, city council received a letter from Gibbons Motor Toys president Tim Panasiuk, regarding B.C.'s speculation and vacancy tax (SVT) which the province says was "designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.香蕉视频直播檚 tax system."
This year the province is expanding the SVT to 13 communities, including Salmon Arm, and Panasiuk said he's already received a notice that he'll be required to pay the tax for his Salmon Arm home. However, the Alberta resident said his Salmon Arm home is not vacant, that he and his spouse reside in it "when we are in BC conducting business and contributing to the B.C. economy."
Pasniuk explained it is not possible to create a legal rental suite at his Salmon Arm property, and they are not able to rent the home out when they're away "as we are never sure the exact dates we will be in either province as it is dependent on business needs."
"Our income does not come from the foreign economy, and we contribute to the BC tax system through our business, property taxes and discretionary spending," wrote Panasiuk. "Our future plan was to further invest in our Salmon Arm location. As a business owner, in order to commit to this, I require a place to live when we are in the province and this additional tax is now making me question this commitment."
Panasiuk said he understands the reason for the SVT, but believes "by failing to look at all scenarios, the intended outcome of the tax is being missed and productive citizens who are contributing to the B.C. economy are being negatively affected."
"In my opinion, further exemptions are required to ensure the Speculation Tax is accomplishing what it was set up to do."
Speaking to the letter, Coun. Kevin Flynn said it points out "just another unintended consequence of provincial legislation."
"I don香蕉视频直播檛 know what the answer is, I don香蕉视频直播檛 know what we should do, but I do want to recognize this香蕉视频直播� this person isn香蕉视频直播檛 living in a house and speculating, they香蕉视频直播檙e living in the house when they香蕉视频直播檙e here running a business and they香蕉视频直播檙e living in a house in Alberta and I don香蕉视频直播檛 know how you solve that香蕉视频直播�," said Flynn. "I just think it was a well written email and shows some of the issues with not just the speculation tax but all the Bill 42 to 44."
Coun. Sylvia Lindgren said prior to the city receiving the letter, she'd received a call from Pasaniuk about the same issue.
"I recommended to him he was possibly talking to the wrong level of government, that this is not a city issue, the city has no control over this issue and referred him to speak to people from the province," said Lindgren, "and then he wrote us this letter anyways. Hopefully he香蕉视频直播檚 moved up to the next level of government and he is able to find some answers."
The B.C. government says funds generated by the speculation tax are used to creating affordable housing in communities where it's in place. The B.C. government said $75.2 million was raised by the tax in 2023, and the government invested $1.8 billion towards housing in the SVT areas in 2023-24.
