The BC government is introducing a Speculation and Vacancy Tax aimed at discouraging housing speculation and vacant homes. The tax applies within the majority of BC’s largest urban areas, including Metro Vancouver, parts of the Fraser Valley, most of the Capital Region, Nanaimo, and Greater Kelowna. The complete list of regions in which the speculation tax applies can be found here.
For property owners whose homes are deemed to be vacant (or not occupied on a full-time basis), the tax is equal to 0.5% of the property’s assessed value for BC residents, 1% for Canadian residents primarily living outside of BC, and 2% for those living abroad. The list of available exemptions to the tax can be found here.
If you receive a declaration form but do not respond to it, you will be required to pay the tax.
January 21, 2019: declaration period opens
January-February 2019: speculation and vacancy tax letters mailed
March 31, 2019: declarations due
April 2019: most tax notices mailed
July 2, 2019: tax payment due
Learn more about the BC government's speculation and vacancy tax in the rennie brief.
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