Chamber Calls for Changes to Federal Tax Treatment to Boost Rental Inventory

VICTORIA – A local Chamber resolution calling for changes to federal tax treatment to increase rental inventory is now part of the Canadian Chamber of Commerce’s policy agenda, ready for presentation to the newly elected federal government. The resolution was adopted at the Canadian Chamber of Commerce’s annual general meeting in October. 

“Having Canada’s network of chambers of commerce and boards of trade united on this issue is important news for Greater Victoria,” said Greater Victoria Chamber of Commerce CEO, Bruce Carter. “We collectively have agreed to advocate for fair tax treatment, such as the deferral of capital gains tax on the sale of residential rental and mixed-use property as well as the allowance of a 100 percent refund of GST paid by businesses investing in rental housing.”

The overall vacancy rate for rental accommodation is Victoria is 1.2 percent, down from 2.7 percent April 2014.

“Employers are increasingly finding the issue of rental availability to be a hurdle to recruitment and retention of employees,” said Carter. “A healthy rental market is important to business operations as it provides housing for employees at all levels of the employment spectrum.”

 The resolution, Increasing Rental Inventory through Fair Tax Treatment, was drafted by the Greater Victoria Chamber of Commerce and is attached.

The Greater Victoria Chamber of Commerce has over 1,400 business members and is the largest business association in the region. As the voice of Greater Victoria’s business community, The Chamber’s ongoing advocacy efforts support its members and the community at large.