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Date ArticleType
7/28/2016 Press Release
Chamber acknowledges Province’s PTT shift

Chamber acknowledges Province’s PTT shift

Kamloops, BC – The Kamloops Chamber of Commerce was pleased to see the provincial government’s move on the Property Transfer Tax for foreign buyers this week and acknowledges that more work needs to be done.

Background:

In 2014, the Kamloops Chamber of Commerce submitted a written position to the provincial government on the need to charge a higher Property Transfer Tax (PTT) to foreign buyers than to domestic buyers.

The position paper contained three recommendations for the provincial government:

amend the current Property Transfer Tax Act to provide for a new Primary Residence Grant;

continue to increase the threshold for the First Time Home Buyers exemption; and

introduce a new Property Transfer Tax rate of a minimum of 2% of the property purchase price for all property in British Columbia bought by non-residents of Canada or corporations controlled by non-residents.

While this week’s move increased the PTT rate for foreign buyers, the Kamloops Chamber acknowledges that there are more adjustments needed to accomplish a more user-friendly Property Transfer Tax.  More importantly, the chamber feels there should be no PTT, but understands the need for the province to balance the budget.  The chamber’s recommendation would be, in addition to the new 15% tax in Vancouver, to implement a flat 2% PTT across the province for all foreign property purchasers and reduce the tax for domestic buyers to a simple 1% on the entire purchase price.

To view the entire paper, please see: http://bit.ly/2a2Q3Q5

Quotes:

Ryan Scorgie, President of the Board of Directors:
“The Kamloops Chamber of Commerce is pleased with the provincial government’s first steps in reforming the Property Transfer Tax.  We look forward to working with them further to make this tax more user-friendly.”

Brant Hasanen, Policy Development Committee Chair
“It's nice to see that the provincial government realizes the PTT needs adjusting and we look forward to working with them to get a result that works well for the entire province, not just Vancouver."

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Media Contacts:

Ryan Scorgie – President of the Board of Directors
250.574.2523

Brant Hasanan – Chair of the Policy Development Committee
250.572.5622

Thanks to our Corporate Partners: