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The announcement of a “speculation tax” in the provincial budget has generated considerable debate in the media. One initial concern was that the tax might apply to cabins in rural or vacation areas, such as the Gulf Islands or Parksville. Others wondered about the fairness of taxing vacant second homes in urban areas, if they were being used part-time by individuals undergoing medical treatment.

These concerns have now been addressed. The NDP clarified last week that only the main urban areas in the province will be affected, thereby exempting cabins or vacation areas. They also exempted vacant second homes in cases where owners are dealing with medical issues, or where career obligations are implicated.

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The upshot is that less than one per cent of British Columbians who pay income tax in the province will be hit by the tax, according to the government’s calculations.

In turn, this means that if critics of the speculation tax want to keep up their opposition, they must now defend the status quo. And the status quo is hard to defend.