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Nix Vacation Rental Tax

Nix Vacation Rental Tax

Province nixes City’s Plan to Tax Vacation Rentals

. . . as commercial properties
The City of Victoria’s hopes of taxing short-term vacation rental (STVR) suites as commercial units rather than as residences have been dashed by the province.

“Selina Robinson, the Minister of Municipal Affairs and Housing, has informed Victoria Mayor Lisa Helps that her request to have full-time and part-time STVR’s – and rooms individually rented out as STVR’s – re-assessed and taxed at significantly higher rates would itself be a “very costly” pursuit for BC Assessment and too onerous from a management and oversight perspective, according to a letter penned by Robinson on February 12th.”

“Implementing such a proposal would be very costly, and it would be time consuming for BC Assessment (BCA) to identify the units to which this policy would apply,” Robinson wrote.

If the province sided with the City on its latest proposal and the 2017 idea to tax vacation rental residences as commercial properties, the move would have required BC Assessment to apply a split residential property classification should a room in a home be being used as a vacation rental, and track full-time residences used as STVR’s to classify them as commercial properties.

The vacation rental industry grew over the last several years just as the Capital Region began shedding significant volumes of hotel room inventory. Numerous motels along Douglas Street and Gorge Road have been converted to rental apartments over the last decade-plus, while two downtown Victoria hotels (the Queen Victoria Inn and the Dominion Hotel) were stripped of their transient status and refurbished into residences. 

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Declare Your Rent Status

Declare Your Rent Status

you are exempt from the Spec Tax

don’t forget to register your tax exemption

The provincial government is taking action because people who live and work in B.C. deserve an affordable place to call home.

They have come up with the “speculation and vacancy tax”  as part of it’s 30-Point Plan to make housing more affordable for people in our province. Whether this results in the outcome they want is yet to be decided.

This new annual tax is designed to:

  1. Target foreign and domestic speculators who own residences in B.C. but don’t pay taxes here
  2. Turn empty homes into good housing for people
  3. Raise revenue that will directly support affordable housing

Over 99% of British Columbians are estimated to be exempt from the tax so it is questionable if this policy will do very much to offset the cost of local housing. But the government knows best. A home that is not a principal residence must be rented for at least six months per year to be exempt from the speculation and vacancy tax. If your property is available to rent for at least 6 months of the year YOU ARE EXEMPT from this tax. Short-term rentals for periods of less than one month do not count towards the six-month total.(we do not do short term rentals).

MAKE YOUR DECLARATION

To claim your exemption, you must register your property by March 31, 2019 –  either by phone or online. The information you’ll need to register your property declaration will be mailed by mid-February to all owners of residential property within the taxable regions.

Please note that if your property has more than one owner, even if the other owner is your spouse, a separate declaration must be made for each owner.  >>DECLARE NOW>>

DECLARE

How Much is the TAX?

For 2019 and onwards, the speculation and vacancy tax rate will vary, depending on your residency and where you pay income tax:

2% for foreign owners and satellite families
0.5% for British Columbians and other Canadian citizens or permanent residents who are not members of a satellite family

Agents are available to take your call from 8:00am to 8:00pm, 7 days a week.

Toll Free:  1 (833) 554-2323 |  (Outside North America) Office:1 (604) 660-2421

The speculation and vacancy tax is an annual tax paid by some owners of residential properties in designated taxable regions of B.C.

 

 

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