Speculation tax
The Speculation and vacancy tax is an opt-out property tax levied in the Province of British Columbia starting in 2019. [1] This tax is levied on empty homes in most urban centers:
- Metro Vancouver, except Bowen Island and the Village of Lions Bay.
- Abbotsford
- Mission
- Chilliwack
- Kelowna
- West Kelowna
- District of Lantzville
- Municipalities within the B.C. Capital Regional District, except Salt Spring Island, Juan de Fuca Electoral Area, and the Southern Gulf Islands.
- Nanaimo
Within these areas, any reserve lands, treaty lands, or self-government First Nations are exempt.
The rate for this tax is a half per cent of a home's assessed value for owners who are residents of British Columbia, one per cent for Canadians from other provinces and two percent for owners from other countries. Homes that are not exempt from this tax, pay it in addition to their regular property tax. This tax is not to be confused with Vancouver's empty homes tax, which is also being levied on empty homes located in the city of Vancouver. [2][3]
All owners of homes in British Colubia are invited to fill out applications for exemption from this tax every year. If a home is owned by more than one person, for example a couple, all owners must complete a separate application for exemption. [4] Tens of thousands of homeowners have not filed for exemption by March 30, 2019. [5]
References[edit]
- ↑ https://theprovince.com/business/real-estate/housing-matters-podcast-digging-deep-into-b-c-s-speculation-and-vacancy-tax/wcm/4324fcf9-8829-44ab-ac0d-3313cc7ded5c
- ↑ https://www.cbc.ca/news/canada/british-columbia/need-to-know-bc-speculation-tax-1.4999882
- ↑ https://www.nanaimobulletin.com/news/b-c-ndp-retreats-again-on-empty-home-tax-for-urban-areas/
- ↑ https://www.vancourier.com/real-estate/essentials-to-know-about-your-speculation-and-vacancy-tax-declaration-1.23633286
- ↑ https://www.timescolonist.com/news/local/over-90-claim-spec-tax-exemption-but-thousands-still-face-sunday-deadline-1.23775422
Other websites[edit]
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