Vancouver Sun: B.C. Liberals pass contentious foreign buyer tax into law

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July 28, 2016 | Rob Shaw

Quoted from the article:

NDP housing critic David Eby proposed seven amendments to the bill Thursday, including expanding Vancouver’s power to implement a vacancy tax to all communities and linking the foreign buyer tax to income instead of people.

De Jong rejected the idea — which had also been proposed by academics — saying government philosophically refuses to levy a property tax against all British Columbians and then have local residents go through the steps of proving their citizenship to obtain a rebate.

Eby also tried to create an exemption for buyers with work permits from companies recruiting out-of-country employees, as well as changes to bare trusts, data sharing and fraud. They also failed.

Meanwhile, government ministers dropped hints about how it might spend the hundreds of millions of dollars the foreign buyer tax will accumulate into a special housing fund, as part of a plan to be unveiled in September.

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