VICTORIA – Homeowners living in affected areas will need to apply for exemptions each year as the province unveiled speculation tax rules.
The tax designed to help control housing prices in urban areas targets those who own residences in B.C. but don’t pay taxes to the province. The intent is to encourage owners to find long-term renters, rather than keeping the properties vacant as they wait for the property value to increase.
Those who do not rent out their properties full time, or do not live in them, will pay an additional tax based on the assessed value of their home.
It applies to designated regions in B.C. including Metro Vancouver, parts of the Fraser Valley, Kelowna and West Kelowna. On Vancouver Island, the tax applies to properties in the Capital Regional District, Nanaimo and Lantzville.
How to apply for exemption
The province claims more than 99 per cent of B.C. homeowners will be exempt from paying, but they must declare their exemption each year.
Residential property owners must register their property by phone or online by the end of March. All information, including how to register, will be outlined in letters the province will mail out between Jan. 21 and mid-February.
For properties with more than one owner, each owner must submit their own declaration, even if the owners are related or spouses.
Anyone who hasn’t received a declaration letter by late February is asked to call the dedicated speculation and vacancy tax hotline at 1-833-554-2323.
