Andersen LLP Partner Steven Flynn Calls for Legislative Reform on BC’s Speculation and Vacancy Tax
In a recent letter to the Richmond News, our Partner, Steven Flynn, expressed his concerns about the impacts of the BC Speculation and Vacancy Tax (BC SVT) on families with unique situations. He highlighted the case of long-time Richmond resident Tony Chan, who has been subject to this tax despite residing in his home and contributing to the community for many years.
Flynn argues that the current legislation unintentionally penalizes families like Chan’s, who should not be subjected to the tax. He calls for legislative amendments to consider homeowners’ history as residents and taxpayers in BC, suggesting that such changes would prevent the unintended consequences faced by families under the “Untaxed Worldwide Earner” definition. He also proposes evaluating cases like Chan’s on an individual basis to provide appropriate exemptions.
Flynn states, “Homeowners caught by the ‘Untaxed Worldwide Earner’ definition should receive credit or exemption against BC SVT for each year they both resided in British Columbia and paid income tax, building to a complete exemption from BC SVT after a long-time of BC residency and contribution to our community.”
For more context, you can read the full article detailing Tony Chan’s situation in the Richmond News.
