B.C.’s New Democrat government has found a new source of revenue from the hospitality industry.
Finance Minister Carole James says short-term rental giant Airbnb will soon start collecting the 8% provincial sales tax and the 35 MRDT.
“So this agreement, the first arrangement of its kind, is good for BC’s municipalities who will receive the Municipal Regional District Tax revenue. It’s good for people who will see more money flowing in for affordable housing and this arrangement is certainly good for BC’s hospitality industry because it ensures tax fairness in that sector.”
James adds details about how money collected from these taxes will be dedicated to building more affordable housing will be released when the budget comes down in two weeks.