The B.C. governmentB次元官网网址檚 property tax break for most home owners was introduced to help them with the high cost of housing B次元官网网址� in 1957.

More than 60 years later, with spiralling home values and rents pressing like never before, an expert panel has pointed out that the B.C. Home Owner Grant and OttawaB次元官网网址檚 capital gains tax exemptions reward owners and shift the cost of tax breaks onto renters. That report was released quietly on the last day of B.C.B次元官网网址檚 legislature session, and the B.C. government was quick to distance itself from the idea of taking home owner benefits away, as the eligibility rises to homes valued at up to $1.6 million.

B.C. Liberal finance critic Mike Bernier raised the question in debate on Finance Minister Selina RobinsonB次元官网网址檚 budget June 17.

B次元官网网址淚 havenB次元官网网址檛 had a chance to dig into , but what I can absolutely assure the member is that we are not interested in making any changes to the Home Owner Grant,B次元官网网址� Robinson replied.

Robinson said another panel recommendation, to eliminate the capital gains tax exemption on sale of a principal residence, was also quickly rejected by the federal government. She said federal Finance Minister Chrystia Freeland had also responded immediately to the report, and B次元官网网址渨as very clear that the federal government had zero appetite to make any changes to the capital gains.B次元官网网址�

Robinson noted that the panel was set up as a federal-provincial effort to look for ways to ease the housing crisis, before she and federal Finance Minister Chrystia Freeland were in their current jobs.

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The panel was chaired by former NDP cabinet minister Joy MacPhail, now chair of ICBC, and includes Jock Finlayson, vice president of the Business Council of B.C., Helmut Pastrick, chief economist of Central 1 Credit Union, Jill Atkey, CEO of the B.C. Non-Profit Housing Association and Brian McCauley, CEO of real estate developer Concert Properties.

Its five B次元官网网址渃alls to actionB次元官网网址� for housing include creating a planning framework that encourages housing, reforming fees on property development, expanding the supply of community housing and B次元官网网址渆nsuring more equitable treatment of renters and homeownersB次元官网网址� through the tax changes.

B.C. Liberal MLA Peter Milobar said he has been receiving questions from constituents about a change in grant administration that took effect this year, with the province taking over administration of the Home Owner Grant from municipalities.

tfletcher@blackpress.ca
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