B.C. residents have until March 31 to register their property for exemption of the speculation and vacancy tax. (Black Press file photo)

Deadline looms to register property for exemption from speculation tax

Each homeowner, even spouses, must file a declaration

If homeowners don’t opt out of the new speculation and vacancy tax by March 31, they’ll be paying an increase of half a per cent for British Columbians and up to two per cent for foreign owners.

It’s estimated 99 per cent of British Columbians can be exempt from the tax but only if homeowners register their declaration before the end of the month.

RELATED: Victoria and the province disagree on proposed condo Airbnb tax

Registering can be done on the phone or online with the information mailed out in mid-February to owners of residential property. If a property has more than one owner – even a spouse – a separate declaration must be made for each owner.

RELATED: Seniors with unrentable homes in Belcarra, B.C., face huge speculation tax bills

The provincial government is calling the speculation and vacancy tax a key measure in tackling the housing crisis in major urban centres where home prices have risen out of reach for many British Columbia residents.

The tax is aimed at foreign and domestic speculators who own residences in B.C. but don’t pay taxes here with the intention of turning empty homes into housing opportunities for people living in the province. Along with raising revenue that will directly support affordable housing.



kendra.crighton@blackpress.ca

Follow us on Instagram
Like us on Facebook and follow us on Twitter.

Just Posted

Hundreds call for a clean energy future at Hands Across the Sand event in Tofino

Surfrider Pacific Rim and Friends of Clayoquot Sound team up to host the peaceful gathering

Ucluelet police promote Crime Stoppers

“Ucluelet is a young family town and we’d like to keep it that way.”

Water restrictions hit Tofino

“The more that we can do to conserve water, the more risk is reduced.”

Tofino athletes Devries, Olin selected for Surf Canada Olympic pathway team

“We’ve got a lot of work to do before any of us qualify for the Olympics.”

Port Alberni’s RE/MAX Ride the Rim cyclists pedal into Ucluelet

“I did it for the children and for the love of the sport.”

Kelowna toddler suffers cracked skull after fall from balcony

Neighbour who found the two-year-old boy said he has a bump the size of a golf ball on his head

Pipeline protester chimes in on Justin Trudeau’s B.C. fundraising speech

The government purchased the Trans Mountain pipeline and expansion project for $4.5 billion

Canada stripping citizenship from Chinese man over alleged marriage fraud

The move comes amid severely strained relations between Ottawa and Beijing

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

Support growing for orphaned Okanagan child after father dies in highway crash

Family thanks emergency crews for assistance in traumatic incident

Young man on Vancouver Island dies after losing control of ATV

Crash claimed the life of a 23-year-old south of Nanaimo over the long weekend

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

Roadside device to weed out THC can’t detect impairment, B.C. lawyer says

‘This fact alone is likely to have serious implications for Canadians’ Charter Rights,’ lawyer Sarah Leamon warns

Most Read