Overseas workers coming to British Columbia through the province’s Provincial Nominee Program (PNP) are now exempt from the additional property transfer tax that is placed on foreign buyers.
This exemption is aimed to ensure that British Columbia continues to attract highly skilled workers and entrepreneurs across all sectors of the province’s diverse economy, including the growing tech sector.
“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” said Premier Christy Clark. “Our growing tech sector depends on the Provincial Nominee Program, and that’s why we’re removing barriers, so they can get to work, create jobs, and help build BC.”
The property transfer tax exemption will be available to British Columbia provincial nominees who purchase a principal residence in Metro Vancouver. Existing BC provincial nominees who purchased a principal residence on or after 2nd August 2016, will be able to apply for a retroactive exemption. Application forms are available on the government’s website. Provincial nominees can apply for the exemptions immediately.
“Together with other housing affordability initiatives introduced by the provincial government, the additional property transfer tax has helped moderate prices and create the conditions that are allowing housing supply to catch up to demand,” Finance Minister Michael de Jong said. “We are now in a position to provide targeted relief to help ensure our province continues to attract skilled workers and entrepreneurs who want to invest and start businesses here.”
The Province is also extending rebates of the additional property transfer tax to foreign nationals who became permanent residents or Canadian citizens within one year of purchasing a principal residence. To be eligible, they must continuously reside in the property as their principal residence for one full year.
British Columbia is a leader in economic growth and job creation, and the tech sector is considered to be a top performer. Technology employment rose 2.9 per cent last year, surpassing British Columbia’s overall employment growth of 2.5 per cent and national tech sector employment growth of 1.1 per cent.
The Province estimates that one-third of the nearly one million job openings expected by 2025 will need to be filled by immigrants. While the Province’s priority remains ensuring BC workers are first in line for the job opportunities, even if every eligible British Columbian was trained there would not be enough workers to fill those openings.
Article published 24th March 2017