Vancouver’s Vacant House Tax Approved, But It May Not Matter

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B.C.’s government has said it will go ahead with allowing property taxes on homes left vacant.

The new tax is one that has been pushed for by Vancouver mayor Gregor Robertson.

The purpose of the tax, according to the government, is to address the housing crisis increasingly affecting Vancouver and cities nearby for approximately 100 kilometers — house prices and availability have been dramatically effected as far east as Chilliwack.

The tax could come into effect some time in 2017 at the earliest.

However, critics are already saying the tax does nothing to deal with the problem. They say that a small property tax will most likely not dissuade buyers in a market where prices are dramatically higher each year, and where many houses are purchased as investments from overseas — most notably, China, where an abundance of wealthy people are seeking investments outside of their nation, and many buyers do not even see the homes they buy.

Currently, property tax is relatively inexpensive in Vancouver compared to other popular North American and world cities. For example, a 2-bedroom unit in Yaletown or Coal Harbor which costs around $1 million has a property tax of around $2500 per year. In many American cities, the property tax would be 3 or 4 to 10 times that amount depending on the city. One reason for Vancouver’s low property tax rate is that the provincial government imposes a high income tax rate, which isn’t the case in the states.

Maintenance fees are also lower in Vancouver. This is particularly beneficial to buyers who resell their house, because they don’t need to invest as much in upkeep.

In Vancouver, an estimated 1 percent of family homes are unoccupied. 7.2 percent of condos and rental apartments are unoccupied. The highest rate is 12.5 percent, for condos alone.

These figures are roughly the same as other Canadian cities.

The lowest metropolitan apartment vacancy rate in Canada is Quebec with 5 percent and the highest is Windsor with 16.5 percent, although London and Victoria also have high vacancy rates.

Dallas Shooting Only One of Five Attacks on Police in Two Days

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Thursday night’s attack on white police in Dallas was the worst of five shooting attacks over the course of two days. In three other states, attacks took place hours before Dallas, later that night and the next day.

Lakeem Keon Scott
Lakeem Keon Scott

TENNESSEE

At 2 a.m. Thursday morning in Bristol, Tennessee, a man named Lakeem Scott allegedly fired though a Days Inn window at vehicles on the nearby parkway, killing one person. Scott then fired on officers who came to the scene. Scott was wounded by police gunfire and arrested.

“Preliminarily, the investigation reveals Scott may have targeted individuals and officers after being troubled by recent incidents involving African-Americans and law enforcement officers in other parts of the country,” reported the Tennessee Bureau of Investigation.

According to CNN, a police report also described witnesses as saying they had heard Scott shouting “Police suck! Black lives matter!”

TEXAS

Micah Johnson
Micah Johnson

25-year-old U.S. Army reservist Micah Johnson killed five of the 12 police officers he shot in a sniper-style attack at a Black Lives Matter-organized protest held in response to widespread media coverage of the recent deaths of two black men by police gunfire. The attack began at approximately 8:30 Thursday night, ending hours later after failed negotiations resulted in the killing of Johnson with a robot-deployed explosive.

The motive for Johnson’s crimes is currently believed to be wanting to kill whites, particularly white police officers, according to police who attempted to negotiate with the attacker.

(NOTE to readers: the following shooting incidents, particularly the two Georgia incidents, seem to have confused news reporters, who have published confused reports with misattributed names. The following is, to the best of our knowledge, correct.)

GEORGIA

Hours after the Dallas attack, 22-year-old Stephen Paul Beck allegedly called 911 with a report of a break in to lure police to his apartment in Valdosta and opened fire when they arrived. One officer took several bullets, one penetrating his equipment.

Beck was also wounded and was arrested.

No photo has been published of Beck but he is reported to be of Asian descent.

Victor Alonzo Majia Nunez
Victor Alonzo Majia Nunez

GEORGIA

At around 1 a.m. Friday, a 21-year-old man, Victor Alonzo Majia Nunez, opened fire on a police officer as he was driving past in a stolen vehicle in Roswell, Georgia.

The officer was not struck, and was surprised by the noises, at first thinking they might have been fireworks. The officer chased down the vehicle and arrested Nunez.

MISSOURI

Antonio Taylor
Antonio Taylor

At 11:00 a.m. Friday morning another officer was shot as he was undertaking a routine stop on a speeding car in Ballwin, St. Louis County. When the officer went back to his police car, the driver of the vehicle, Antonio Taylor, got out, advanced on the officer, and fired three shots at him.

“It was clearly an ambush, an attack,” said St. Louis County Prosecuting Attorney Robert McCulloch. “There was no confrontation, no argument, no nothing.”

The gunman fled, and was finally captured after he exited his vehicle and ran.

Music for Melting Icebergs : Pianist Ludovico Einaudi Performing on the Arctic Ocean

Pianist
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60 year-old Italian composer and pianist Ludovico Einaudi performed his composition “Elegy for the Arctic” last Friday in the Svalbard islands in Norway facing sub-zero temperatures.

A grand piano standing majestically in the middle of melting icebergs is surely not a common sight. Yet, it is not only for the pleasure of the eye or the ear that Greenpeace ice breaking vessel Arctic Sunrise brought the musician against the backdrop of the Walhlenbergbreen glacier.

ludovico-einaudi-performs-in-the-arctic-ocean-greenpeace-designboom-1800

This unique performance on a platform floating on the Arctic Ocean was part of a campaign to protect the Arctic environment and send a conservation message to world leaders.

Being here has been a great experience. I could see the purity and fragility of this area with my own eyes. It is important that we understand the importance of the Arctic, stop the process of destruction and protect it.” Einaudi said in a statement.

The video was released on Tuesday to mark the start of the four-day meeting of the OSPAR Commission in Tenerife, Spain. OSPAR consists of 15 governments of the EU seeking to protect the marine environment of the North-East Atlantic.

unewstoday.net
According to Greenpeace, the Arctic is warming faster than any other place in the world with a continuing loss of sea ice volume.

As we watch this haunting performance accompanied by eerie sounds due to icebergs movements slowly melting with ice chunks crumbling and falling in the Ocean, let us not forget that we are witnessing the spectacular yet dramatic effects of rising temperatures.

https://twitter.com/MikeFincken/status/744780382071984128

The Greenpeace petition to protect the Arctic sea is online here.

“Until they change their view, those who would risk the Arctic should not be heard over those calling to protect what we love, not over Ludovico’s music, not over the piano and the glacier, not over eight million voices.”

Family Members Say Shooter Not Particularly Religious But Was Offended by Homosexuality

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Omar Mateen was a 29-year-old man who killed 50 people Sunday — mostly or all gays — in an Orlando nightclub with guns he obtained through his security job. According to his family he committed the act not out of religious conviction but due to a strong outrage caused by the idea of homosexuality.

Omar Mateen’s father, Seddique Mateen, who has supported the Waziristan Taliban in Afghanistan publicly on his YouTube channel, said that Omar Mateen committed his crime for reasons other than Muslim faith:

“We were in Downtown Miami, Bayside, people were playing music,” the father told NBC News. “And he saw two men kissing each other in front of his wife and kid and he got very angry.

“They were kissing each other and touching each other, and he said, ‘Look at that. In front of my son they are doing that.’ And then we were in the men’s bathroom and men were kissing each other.”

Seddique Mateen added, “We are in shock like the whole country. This had nothing to do with religion.”

Omar Mateen’s ex-wife talked to the Washington Post about her husband’s personality, and also said that Omar Mateen’s faith was not a powerful inspiration in his life.

She said that Mateen beat her regularly for minor reasons such as not doing the laundry. She was rescued by her family and obtained a divorce, according to court documents obtained by news agency AFP.

Mateen had been interviewed twice since 2013 by the FBI after popping up on their radar for comments related to Islamic propaganda at work and ties with another American citizen who went to become a suicide bomber in the Middle East, but the FBI found no cause to monitor the man.

Omar Mateen died by police gunfire in the hostage situation he had staged after his shooting spree in Pulse night club. According to multiple law enforcement officials who made statements shortly after the crime, Mateen had called 911 just before starting his attack, during which phone call he pledged allegiance to the Islamic State terrorist group.

Inching Closer to Invariable Totalitarianism

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A week ago, I received the rather unexpected Canada Census slip in the mail, with the all-too-well known, yet still alarming text of “Complete the census – it’s the law,” plastered over the eerie yellow paper. I paid no heed to its intimidating form. I threw it on my desk and placed it outside of my mind until the news feed was overflowing with articles commending the entire nation’s’ apparent enthusiasm with completing it. The form which aims to collect personal information from all households, and the one which promises that if not completed it could lead to a $500 fine or even up to three-months imprisonment.

The imperceptible feeling that I must comply to share is that I am not quite sure what is more terrifying, the actual penalties for not completing the census, or the overzealous joy of complying with the state – the being, and entity which of course necessitates trust, especially in a liberal country such as ours, but surely not with such enthusiasm. I am not sure whether the institutionalization of the collection of data itself seems like a viable bureaucratic necessity. Nor whether, it has led to the normalization of mass compliance, by so many of my co-patriots.

Whether it is both a symbiotic relationship between the submissive masses, or the ever-growing power of the state. Or whether power is exercised from one side towards the other. The answer to these questions necessitate perhaps an entire treatise. The fact remains, that although this doesn’t mean that totalitarianism is just around the corner, it certainly seems to be an aspect of it. Something which is entertained with the utmost eagerness, by what seems to be most facets of Canada – including most forms of media on most of the political spectrum.

The census has been part of Canada since 1871, a few years after Confederation which sought to try and discern the ever present cultural and ethnic mosaic that has made up this nation, as well as the numerous Indigenous nations within it. In 1912, interestingly, the first federal organization was set up – the Dominion Bureau of Statistics – which employed its power to try and find out the makeup of Canada from “mare ad mare.” It was in the post-war years however, coupled with the relative prosperity, that the census became a truly Canadian “tradition” per se. The last census conducted was in 2011.

Yet there is hope, at least an act of symbolic yet also salient rebellion, when some such as Janet Churnin refused to complete the mandatory census and was taken to court for it. She was found guilty with violating Statistics Canada, but showed no remorse. It is such incidences which at times relay some hope. Although she was slapped with a sentence of 50 hours of community service, at the age of 79, she expressed that she was happy “to make a point.” Therein lies the individuality of a person, remained intact, unmoved by the ever-expanding power of the state.

The question that has been hovering in my thoughts however is whether the apparent eagerness of Canadians to complete the census was the result of fear of facing the penalties? Was it perhaps the enthusiasm of aiding future historians that will look at the data we put in the system, and make large claims, perhaps even sweeping generalizations based on some numbers?

Perhaps, there is something scarier than those two options- perhaps it is the ardor to give away information, found interminably in their joy of subservience, in the joy of becoming one with the fold- the utter collectivism of anonymity. Of placing one’s voice in a chorus of sheer imperceptibility- and thus the deviation of individuality. Ultimately what I mean is the happiness that comes with utter subservience, and Foucaultian “docility” that is welcomed. One’s proselytization to the group, yielding to the national form, and thus happily giving into a Kafkaesque reality which most secretly love to be a part of. I assume.

You may think this sounds dramatic – especially over something as simple as a census. Yet I ask, humbly, why must the state impose a penalty if one fails to complete it? Why is that not the detail which causes worry in the hearts of people, who wish to live in a free country, based on liberal ideals? The argument that this is for the ‘common good’ of the nation, has been long exhausted – used so many times before by totalitarian states.

It is not that I am arguing against the importance of the census, for I know it’s dire need – perhaps even in the long-form. But a choice must be given to complete it out of one’s free will. Anything but is antithetical.

The question that needs to be asked: Is totalitarianism inching ever-closer to us, or are we gladly slowly taking steps towards its shadow? Is it democratic for the state to demand information from the citizens of a country?

Opinion by Milad Doroudian

$15 Minimum Wage Would Lift All Nova Scotians Out of Low Tax Bracket

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Similar to the recent NCP campaign in Alberta that rose the minimum wage to $15, Nova Scotia NDP leader Gary Burrill has launched a “Fight for 15” campaign, but, critics have pointed out, while the bigger number has proved popular with minimum wage workers, it would mean important tax increases for those same workers while making it more difficult for small businesses and students.

Jordi Morgan, vice-president for Atlantic Canada at the Canadian Federation of Independent Business (CFIB), has pointed out that the increase from Nova Scotia’s $10.70 minimum wage to $15.00 would be enough to push many part-time workers, who are below the province’s basic personal exemption level (BPE), to a level where they would be taxed on income. A $15 minimum wage would also push all full time workers out of the lowest tax bracket.

At $8,481, Nova Scotia’s BPE is the second-lowest in Canada. The alternative to a wage increase, according to Morgan, is raising the BPE.

“Our premise to this point is an increase to the BPE is a better policy lever because it would have a desirable impact by reducing the tax burden for all citizens, not create downward pressure on employment for youth, and it would not have a negative impact on the growth of small- and medium-sized business,” Morgan told The Speaker.

Morgan also noted that a wage increase to $15 in Nova Scotia would not be the same as the one that happened in Alberta. “[I]t would stand to reason that the tax payable would be much higher here than Alberta because our BPE is nearly $10,000 lower and at 15.00/hr, it would push the provincial personal marginal tax rate from just under 8.79% to almost 14.95%. Alberta has a 10% tax rate up to $125,000.”

Jordi Morgan, Vice-President, Atlantic Canada
Jordi Morgan, Vice-President, Atlantic Canada

Currently, the just over $22,000 earned by minimum wage workers in Nova Scotia puts them in the lowest tax bracket, which means they are taxed under 9% provincially, and are taxed 11.43% total. Even if these workers get a raise, there is still room to remain in this low tax bracket.

The limit of this tax bracket is $29,590, so even at $14.00 workers still pay the lowest amount of taxes, grossing $29,120.

At $15.00, workers earn $31,200. They are in the next tax bracket, and are taxed just under 15% provincially, and are taxed 18.84% total.

Jamala’s Victory

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I have learned not to blow Eurovision out of all proportion. However the victory which was gained by Susana Jamaladynova – by her stage name Jamala – is beyond getting the first place in a competition or singing a song in mother language in European stage.

I could not sleep the night I heard what happened in 18th of May, 1944 from my wife Elvina – who was not my wife that time yet – whose grandparents suffered from the same thing. Although I had never seen or heard,  I could not help hearing the voices or seeing the faces of Crimean Tatars who had been fiercely exiled from their homeland in one night.

Realizing my unawareness of a massive murder which was committed against my cognates right beside me – on the North coast of Black Sea which is just across my hometown Samsun – was as devastating as learning the sufferings.

Now, thanks to Jamala’s marvelous song and victory, a great number of people will learn about Crimean Tatar Exile in 1944.

Those who will hear Jamala’s scream at the end of the song will also hear the tearful screams of Crimean Tatar kids, ladies and elderlies who were savagely plucked off from their homeland while their brothers , fathers , husbands were fighting for Soviets whose commander – Stalin – was the person who signed the order of this massacre.

Jamala’s victory has not only made all Crimean Tatars proud but also has given them chance to be heard of. Just like Cengiz Dağcı, the most famous writer of their history thanks to whose novels millions of people have heard about Crimea and Crimean Tatars.

The dark history behind the song makes it a powerful message for everyone regardless of any nationality:

Music and words are much more powerful and long lasting than brutality.  Goodness will always win no matter how strong the latter is.

 

How to Change Currency Without Paying Exchange Rates

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This money tip was pioneered by Norbert Schlenka of Libra Investment Management on Salt Spring Island, B.C., and it’s called “Norbert’s gambit.”

The process is a 1-2 of buying stocks in one currency and selling them in another.

How it works: A person buys an inter-listed Canadian stock in Canada, then transfers the stocks over to a U.S. account and sells them on a U.S. stock exchange for U.S. dollars. Some accounts allow a person to hold multiple currencies, and in this case a person transfers them over to the other currency side of that account — called “journaling them over.”

The buy/sell commission remains, as well as any market risk involved in the transfer, but foreign exchange fees are avoided.

There’s also a stock that has been recommended by Moneysense to make this easier: Horizons U.S. Dollar Currency ETF, available in two versions — a Canadian dollar stock with the ticker symbol DLR and a U.S. dollar stock with the ticker DLR.U. The price difference between the stocks is the same as the current U.S.-Canadian foreign exchange rate.

With an account that allows multiple currencies, the Canadian purchase DLR is “journaled over,” becoming DLR.U, which is sold in U.S. dollars. This involves two commissions and a small loss on the bid-ask spread.

Great, so how do I actually do it?

For example, using a TD bank (Waterhouse, Active Trader):

Set up a U.S. funds bank account (in addition to your regular bank account. At TD, it’s called a “Borderless Account.” You have to make an appointment and go in and create the account, which will cost you around 5 or 6 dollars a month. Now forget about this new account for a while while I explain more.

Now you transfer money from your regular Canadian account to your investments (stocks) account – for TD bankers, this means transferring into your Waterhouse account (to your Canadian Waterhouse account).

Now buy the stock DLR.TO in Canadian funds. This will take up to 3 business days to settle (complete the buy).

Now call Waterhouse and have them “journal” the stock over to your U.S. Waterhouse account (if you don’t have this set up already on your Waterhouse trading account, call and have them set it up). This takes 4 business days to complete.

Now your stock is held on the U.S. side of your investments with Waterhouse, and you sell DLR.U.TO and you get U.S. money for it. You have to wait another 3 days for this to settle (complete the sale).

When it has settled, you can transfer these U.S. funds from your U.S. Waterhouse account to your Borderless Account (the new U.S. funds account you created), and there you are; you now have U.S. funds.

During this process, you will have paid for 2 stock transactions (when you bought and when you sold). If you use TD Active Trader (rather than calling in to buy and sell), each transaction costs less than $10 CAD (otherwise it costs more), but you have to download the program and learn basic use for it.

You also will notice that as the FOREX fluctuates between the Canadian and U.S. Currencies, the values you hold will go up and down.

What you don’t pay is the exchange rate. So if you do $10,000, the exchange rate will cost you around $300. You lose $300 each time you buy $10,000 worth of the other currency. Norbert’s Gambit, therefore, can save you money as long as your two trades cost less than the loss on buying foreign currency. However, it takes a couple of weeks to complete the process, and during that couple weeks, you have to do several transfers and one phone call on different days. Like many things, though, while it seems complicated before you do it, after you do it a few times, it probably will become quite easy for you.

Are State-Owned Banks a Win-Win?

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Focusing on the recent success of the Bank of North Dakota, talkshow host Thom Hartmann has raised the question of whether state-owned banks are something every state should have.

Hartmann came out in favor of state-owned banks in his opinion blog, calling them a “win-win for all.”

“You need to know this,” wrote Hartmann. “In 2014, the state Bank of North Dakota was more profitable than Goldman Sachs and J.P. Morgan Chase. And, that’s why every state should own their own depository institution.”

He referred to the success of the state-owned bank last year, despite the loss of what had previously been credited with the main reason for its success: the state’s oil boom.

Over the past 18 years, the Bank of North Dakota has outperformed itself year after year, and even with last years oil bust, the return on investment topped 18 percent.

He also referred to points commonly raised by proponents of state-owned banks: how they stimulate the local economy, particularly in tough times, how they save investors money by cutting out Wall Street, how they may be better at helping fund new local businesses as well as state-level projects like trains and energy plants.

“Rather than simply throwing money away in the form of interest and fees, states could protect depositors, boost local economies, and fund the new infrastructure needed for the modern era,” stated Hartmann.

“North Dakota has proven that state-owned banks are a win-win for all of us, and more states should follow their example.”

In West Vancouver “Properties Doubled in Eight, Nine Months”

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According to local real estate agents for Royal LePage, property values have doubled in less than a year in some parts of Vancouver due to foreign real estate investment.

“The luxury market has been driven purely on the demand from investors and the appeal is the perfect storm of geographical appeal,” stated Jason Soprovich, who specializes in the West Vancouver market. “Low interest rates, very low active listing rates and pent up demand.”

“[In West Vancouver] we’ve seen properties double in value over the past eight, nine months,” he said. “In the British Properties, some properties we saw listed 8 months ago at $2.4 million are now selling at $4.5 million.”

Most buying was from a single source, he said, agreeing with other Vancouver real estate agents: Mainland China.

Others have noted that Chinese buyers who live in China make up at least one-third of buying in the area, which is in addition to Chinese buyers who reside in Canada — a demographic for which there are no clear statistics.

The shortage of affordable housing in the Vancouver area is causing people to leave, some creating a notable trend of buying houses as far east as Chilliwack and some moving to other provinces.

Responding to comments made by B.C. Finance Minister Mike de Jong, who has stated that he was himself “biased” in his belief that foreign buyers are not the main factor in what is taking place in the Lower Mainland real estate market, Soprovich said, “It’s naive to think there hasn’t been a lot of investors moving into this part of the country – there is and it has had a major affect.”

Soprovich recommended levying an extra property tax on foreign buyers, which would, he said, deter some buying, but, “If this large number of people are influxing into the city are coming to city and using infrastructure, there needs to be some level of taxation.”

France: No Mainstream President

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Emmanuel Macron and Marine Le Pen advance to the final round of the French election set for May 17.

Macron is a politically inexperienced former investment banker in favor of staying in the EU and reforming French economic laws. His supporters often consider Le Pen extremist.

Le Pen is anti-immigration and is in favor of laws restricting some public displays of Muslim culture, such as head scarves, in favor of “France first.” The group that supports this candidate is considered fairly far-Right, and they value more control for France, including being allowed to regulate the borders, manage their currency (devalue it if they want to), and to have tools to combat the ill effects of globalization.

Both candidates combined received less than 50% of the vote, so many people will be making a second choice in the election.