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Owner of Salmon Arm business and home takes issue with speculation tax

City council received a letter on June 9 from Tim Panasiuk, president of Gibbons Motor Toys, about B.C.'s speculation and vacancy tax .
This year, the SVT will be applied in 13 locations across the province, with Salmon Arm among the areas targeted to decrease vacant properties and increase tax revenues.
Panasiuk, an Alberta resident who uses his Salmon Arm home while doing business in B.C., argues the tax fails productive citizens due to unclear rental options.
The government raised $75.2 million in 2023 from the SVT and invested $1.8 billion in affordable housing in affected areas as reported.
Panasiuk calls for further exemptions so the tax meets its goals, while local business owners express concern about the tax affecting investment commitments.

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