•   
  •   
  •   

Money Pricey B.C. home owners say tax increase unfair

07:11  15 may  2018
07:11  15 may  2018 Source:   msn.com

Ashley Judd sues Weinstein saying he wrecked her career

  Ashley Judd sues Weinstein saying he wrecked her career Ashley Judd sues Weinstein saying he wrecked her careerIn the lawsuit filed in Los Angeles County Superior Court, Judd accuses Weinstein of defamation, sexual harassment and violating California's unfair competition law. Judd was in the first group of women who came forward last fall about Weinstein's sexual misconduct, putting her at the forefront of the #MeToo movement.

The school tax increase introduced in the B . C . budget would be set next year at 0.2 per cent on the portion of property valued above million. "On paper, their homes have ballooned in assessed value," Sims said . "That is why this is really unfair , because it's based on assessed value, not ( price )

But the tax bill making its way toward final passage is upending that premise. The bill will increase many For starters, it’s unfair : Since the benefits of these deductions get bigger with larger and more expensive homes , the bulk of the benefits accrue to wealthier homeowners in pricier markets.

  Pricey B.C. home owners say tax increase unfair © Getty Images Lynne Kent says owning a home in Vancouver that's valued at $4 million isn't the blessing it may appear to be.

She and her husband are among a small group of homeowners in British Columbia facing a tax bump on homes assessed at over $3 million who say they simply can't afford it — a claim that some are questioning.

"I think the whole property value escalation is more of an albatross than a benefit, and have seen it that way because this whole escalation is really pushing us out of our home," said Kent, 71.

The school tax increase introduced in the B.C. budget would be set next year at 0.2 per cent on the portion of property valued above $3 million. It would increase to 0.4 per cent on the portion above $4 million.

Canada loses NAFTA court challenge

  Canada loses NAFTA court challenge Canada loses NAFTA court challengeALT

The school tax increase introduced in the B . C . budget would be set next year at 0.2 per cent on the portion of property valued above million. “On paper, their homes have ballooned in assessed value,” Sims said . “That is why this is really unfair , because it’s based on assessed value, not ( price )

The Republican tax plan will increase many homeowners ' monthly housing costs. For starters, it's unfair : Since the benefits of these deductions get bigger with larger and more expensive homes , the bulk of the benefits accrue to wealthier homeowners in pricier markets.

For the Kents, that would mean an extra $2,000 annually.

Kent and her husband bought their three-bedroom bungalow in the Kitsilano neighbourhood in 1972 or 1973 for about $40,000, which was their household income at the time. They renovated the 1923 home in 1982, themselves.

As retirees, they live on Canada Pension Plan and Old-Age Security payments, plus some savings, she said.

They could sell their home, and are eligible to defer both the new tax and property taxes, but Kent says that's not the point.

"We raised our kids here, we have grandkids who are in university, who are part of our family life here. We hope to have great-grandkids here. It's our home. We didn't buy it as a money-making asset, we bought it as a home," she said.

Kent said she disagrees with the concept of deferring taxes on an ideological basis, since it means the province is stuck with the tab in the meantime.

Tim Hortons' U.S. franchisee group to sue parent company

  Tim Hortons' U.S. franchisee group to sue parent company A group of Tim Hortons U.S. franchisees said on Thursday it is suing parent company Restaurant Brands International, escalating growing tensions between the company and owners of its U.S. and Canadian coffee shops. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.

Won't my taxes increase if my assessment is adjusted? First, as noted above, your Property owners are cautioned not to allow anyone into their homes without proper identification, preferably I.D Up-to-date assessments eliminate unfair assessments and the "sticker shock" that taxpayers experience

The tax increase will be widely-felt in Vancouver-Point Grey. The provincial electoral district is home to some of B . C .’s priciest real estate, including Lululemon Athletica founder Chip Wilson’s There is a subsidized interest rate if they defer taxes if they are seniors, or if they have kids at home ,” he said .

"We want to pay our taxes. It's not that we don't want to pay our taxes, but we want them to be fair," she said.

The school tax sparked a protest last week that prompted Attorney General David Eby, who represents many multimillion-dollar home owners in the riding of Vancouver-Point Grey, to cancel a town hall because of security concerns.

A online petition with almost 13,000 signatures characterizes it as a cash grab on a "vulnerable minority" that disregards incomes, financial circumstances and the ability to pay.

But Brendon Ogmundson, deputy chief economist for the British Columbia Real Estate Association, says he thinks the tax has been blown out of proportion.

It will be rare that someone who owns a home valued at more than $3 million can neither afford the tax, nor defer it, he said.

"There's going to be cases where it might be true, for whatever reason, that there's a hardship. And the government should look at those cases. But in general, we're talking about very wealthy households, whether they got there through income or the increase in their home prices," Ogmundson.

Bouncy Terrier Jumps Up and Down for a Slice of Toast

  Bouncy Terrier Jumps Up and Down for a Slice of Toast Cooper's owners say the pup has always been this energetic.A toy box terrier was captured in a video licensed by Caters News bouncing up and down for a peek at a slice of toast his owners put on the table for breakfast.

Stop HomeOwners Unfair Tax . Tax experts have said that the tax is unworkable and cannot achieve the claimed revenue. The SHOUT campaign aims to increase awareness among politicians and the public of the likely unintended impact.

Owners of homes in Vancouver valued at more than million are speaking out about the school tax increase , which they claim will "On paper, their homes have ballooned in assessed value," Sims said . "That is why this is really unfair , because it's based on assessed value, not ( price ) when it's sold."

The tax will affect fewer than three per cent of homeowners in the province, he said, and therefore won't have much of an impact on the real estate market, if any.

Tom Davidoff, associate professor of strategy and business economics at the University of British Columbia's Sauder school of business, said the tax is so low, relative to property values, that it will be negligible even after many years of accrual.

Davidoff said it's a smart tax for places like Vancouver, where housing supply is limited and it's difficult to build more because of limited space and zoning restrictions.

"If you tax a $4-million house, other than the person in the house who has to pay the money, which of course is a negative for them, nothing bad happens in the economy," he said.

"When you do income taxes or sales taxes, you can chase away actual economic activity."

Paul Kershaw, founder of Generation Squeeze, said the net wealth in homes today has increased in B.C. by over $650 billion in the past four decades. One third of that wealth has gone to people over 65 and five per cent has gone to people under 35, he said.

Report: NFL May Allow Individual Teams to Decide Policy on Anthem Protests

  Report: NFL May Allow Individual Teams to Decide Policy on Anthem Protests Report: NFL May Allow Individual Teams to Decide Policy on Anthem ProtestsThe NFL is now considering allowing individual teams to make their own decisions on this policy, according to Mark Maske of the Washington Post.

The Unfair Vancouver Vacant Homes Tax Coalition describes its purpose in the name. The group is calling on the city to do something as the Feb. 2 deadline for the empty home tax declaration approaches.

Home . Unfair dismissals. Unfair Dismissal: Cannon v Poultry Harvesters Pty Ltd [2015] FWC 3126. Written by PCC Lawyers * on 25 May 2015. Posted in Unfair Dismissals.

While he said he understand seniors' concerns about the school tax, it's a problem that many people would like to have.

"There are literally hundreds of thousands of younger British Columbians and renters of all ages who would love to see their standard of living shrivel before their eyes in a way that actually nets them over $5 million, while they were sleeping and raising their kids and watching their televisions and cooking in their kitchens, because that is how this wealth accumulation has unfolded," he said.

Even if the bubble bursts and the value drops by half, many of those homeowners will still have a couple of million dollars in their pockets if they sell, he said.

Some are still wary, however. Kris Sims, B.C. director of the Canadian Taxpayers Federation, says it could represent a slippery slope to an extension of the tax to less expensive homes.

And she pointed to families not unlike the Kents, who have children and want to pass their homes on to the next generation, which may not be able to afford the taxes on them.

From Sims' view, it doesn't matter if a home is assessed at $8 million. The homeowners don't deserve a "surprise" $16,000 new tax each year, she said.

"On paper, their homes have ballooned in assessed value," Sims said. "That is why this is really unfair, because it's based on assessed value, not (price) when it's sold."

Pricey art stolen from Newfoundland home .
ST. JOHN'S, N.L. - Art thieves have made off with at least a dozen valuable artworks from a home in St. John's, N.L. Police say the "significant quantity" of stolen works include American landscape painter Robert Wood's "The Maine Coast," prominent Newfoundland artist Christopher Pratt's "6 cents" as well as pieces by Newfoundland still-life artist Helen Parsons-Shepherd, Spanish artist Juan Giralt Lerin and French painter Antoine Blanchard. "Numerous Police say the "significant quantity" of stolen works include American landscape painter Robert Wood's "The Maine Coast," prominent Newfoundland artist Christopher Pratt's "6 cents" as well as pieces by Newfoundland still-life artist Helen Par

—   Share news in the SOC. Networks

Topical videos:

This is interesting!