BC Greens propose wealth taxes of up to 20% on fortunes exceeding $50 million | Daily Hive

Emily Lowan's BC Greens propose wealth taxes of up to 20% on fortunes exceeding $50 million

Emily Lowan. (Green Party of British Columbia)

The Green Party of British Columbia is proposing a one-time wealth tax with rates reaching 20 per cent, followed by an annual tax of up to five per cent.

This would be implemented for British Columbians with net wealth exceeding $50 million.

Ahead of the provincial general election on Saturday, Oct. 24, 2026, BC Greens leader Emily Lowan announced her party’s proposed “Fair Share Act” yesterday, asserting it would raise an estimated $22.2 billion in its first year and $5.4 billion annually in subsequent years.

The party wants to use the money to support universal childcare, free public transit, and affordable housing, while also paying down provincial debt to lower interest expenses.

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It should be strongly emphasized that this proposal would target accumulated wealth rather than annual income and other earnings. Net wealth generally means the value of assets, such as real estate properties, investments, and business holdings, after subtracting debts.

Under the BC Greens’ highly controversial pitch, the one-time tax would begin at five per cent on net wealth above $50 million, rising to 10 per cent above $100 million and 20 per cent above $1 billion.

An ongoing annual tax would follow starting in the second year of this scheme, with rates beginning at two per cent on net wealth above $50 million, increasing to three per cent above $100 million and five per cent above $1 billion.

The party notes that the measure would apply to a small number of B.C.’s wealthiest households, without raising taxes on people whose net wealth falls below the threshold.

“Families and workers across BC keep hearing the same answer from this government: the money isn’t there,” said Lowan.

“But the cupboard isn’t bare, the government just hasn’t looked in the multi-car garages. The money exists in this province. It sits with the people who make more in their sleep than a worker makes in a year. We just haven’t had a government with the political will to ask for it.”

Lowan is looking to secure a seat in the B.C. legislature by vying for the riding of Saanich North and the Islands. Since 2017, this riding has been held by MLAs under the banner of the BC Greens.

At an age of 26, Lowan is among the youngest candidates running in the provincial general election. She made history in September 2025 by becoming Canada’s youngest major political party leader. The BC Greens’ social media posts over the past year suggest the party draws inspiration from New York City mayor Zohran Mamdani and his democratic socialist policies.

Lowan contrasted her proposal with Premier David Eby’s BC NDP platform promise to increase income taxes on higher earners of $190,405 annually and greater, with a new tax bracket also created for those earning more than $1 million per year. The BC NDP projects their scheme would raise $225 million in new revenue during the 2026/2027 fiscal year, followed by $925 million in 2027/2028 and $1 billion in 2028/2029.

The BC Greens claim their $22.2-billion revenue projection for the one-time tax accounts for administrative expenses and changes in taxpayer behaviour, but the provided policy brief does not include the underlying calculations or an estimate of how many households would pay.

The announcement also leaves implementation details unspecified, including how assets would be valued and how the tax brackets would be applied.

The proposal is extremely controversial because it would tax accumulated assets, including property and business holdings, rather than just income, potentially leaving some wealthy households with large tax bills without readily available cash to pay them.

It also raises questions about whether affected taxpayers would relocate or restructure their assets and holdings, and whether the BC Greens’ projected revenues would actually materialize. Critics have been quick to view the proposed rates as highly excessive and a further massive deterrent to attracting and retaining investment in the province.

In the 2024 provincial general election, the BC Greens won two seats (Saanich North and the Islands and West Vancouver-Sea to Sky) and secured 173,493 votes (15.1 per cent of the popular vote).

During its more than nine years in power, the BC NDP has at times relied on support from the BC Greens on key legislative votes, most notably to sustain its minority government from 2017 to 2020. Both parties also reached a cooperation agreement in December 2024, shortly after the October 2024 provincial general election, when the BC NDP secured a narrow majority. In February 2026, the BC Greens ended that agreement.

The BC Greens are officially affiliated with the Green Party of Canada and Pete Fry’s Green Party of Vancouver.

Andrew Weaver, who led the BC Greens from 2015 to 2020 and served as MLA for Oak Bay-Gordon Head from 2013 to 2020, is running in the provincial general election to reclaim his former seat. However, he is seeking a return to the legislature under Elenore Sturko’s CentreBC banner. Weaver has been highly critical of the BC Greens since stepping down as party leader.

For the 2026 provincial general election, the BC Greens are running a total of 73 candidates — up from 69 in the 2024 provincial general election. Lorne Doerkson’s Conservative Party of British Columbia is the only party running a full slate of 93 candidates, with Eby’s BC NDP running 92 as they could not complete an application for one riding before the deadline this past weekend. This is followed by CentreBC with 35 candidates and OneBC with 33.

Just a week before the provincial election day, voters across B.C. will also be casting their ballots for the civic election on Saturday, Oct. 17 to choose their next municipal leaders, including mayors and city councillors.

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