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:
- 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
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>>
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.