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Everything you need to know about the 2018 BC Budget

Everything you need to know about the 2018 BC Budget

  • Foreign Buyers tax increasing to 20% on February 21st
  • Property Transfer tax is increasing to 5% on the portion of the home valued over $3m on February 21st
  • Foreign Buyers tax expanding to Fraser Valley, Capital Regional District, Central Okanagan and Nanaimo Regional District on February 21st
  • School taxes are increasing on home valued over $3M (0.2% on portion above $3M and 0.4% on portion above $4M)
  • BC Home Partnership Loan Program is being eliminated March 31st
  • Speculator tax to be introduced in Fall 2018 (0.5% of assessed value in 2018 and 2.0% in 2019)
  • Introduction of measures to determine beneficial ownership of properties
  • Introduction of measures to prevent fraud and money laundering
  • MSP premiums to be eliminated by 2020, replaced with Employer Health Tax
  • Child care support for individuals earning less than $45,000 and families earning less than $74,000
  • Increasing the luxury tax on cars over $150,000 to 20%
  • Plus much more
http://bcbudget.gov.bc.ca/2018/default.htm
For the housing measures, read here:
http://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf