The speculation and vacancy tax is a key measure in tackling the housing crisis in major urban centres in British Columbia, where home prices and rents have skyrocketed out of reach for many British Columbians.
The provincial government is taking action because people who live and work in B.C. deserve an affordable place to call home.
The speculation and vacancy tax is a part of government’s 30-Point Plan to make housing more affordable for people in our province.
This new annual tax is designed to:
- Target foreign and domestic speculators who own residences in B.C. but don’t pay taxes here
- Turn empty homes into good housing for people
- Raise revenue that will directly support affordable housing
For further information go to the following pages:
- General Info: https://www2.gov.bc.ca/gov/
- Exemptions: https://www2.gov.bc.ca/gov/
content/taxes/property-taxes/ speculation-and-vacancy-tax/ exemptions-speculation-and- vacancy-tax
- How to declare: https://www2.gov.bc.ca/gov/
content/taxes/property-taxes/ speculation-and-vacancy-tax/ declaration
And as always seek professional advice from a professional prior to putchasing a property in the Speculation Tax area.
Give Katherine a call to discuss your situation and see how this tax may apply to you.