British Columbia: B-C’s government has tabled the legislation required to implement a flipping tax on speculators trying to make money in the province’s hot real estate market.
Finance Minister Katrine Conroy says the tax rate is 20 per cent of income earned from a property sold within 365 days, decreasing to zero over the second year.
The province estimates the tax will bring in 43-million-dollars in its first full fiscal year and has promised the money raised will go toward housing.
The legislation provides exemptions for events including separation, divorce or death.
(The Canadian Press)