How new B.C. tax will adversely affect the rest of Canada.
Barry Appleton: B.C. just violated NAFTA with its foreign property tax — and we could all pay for it
Kevin Libin | July 28, 2016 8:52 PM ET
The British Columbia government has suddenly introduced a penalty tax forcing non-Canadian purchasers of residential real estate in the Greater Vancouver Regional District to pay a 15 per cent tax on all purchases registered from Aug. 2, 2016. This penalty tax discriminates by definition against foreign investors buying residential real estate in the Greater Vancouver Area: Canadian citizens buying residential real estate are exempt; foreign buyers must pay the tax.
