The speculation and vacancy tax only applies to properties classified as residential that are also in the designated taxable regions. If you have concerns about your assessed property value or property classification, contact BC Assessment.
Where does the speculation tax apply?
Where does the speculation and vacancy tax apply? The tax applies to major urban areas in B.C. See taxable regions for specific municipalities and regions.
What areas of BC are affected by the speculation tax?
The affected areas are Greater Victoria, Nanaimo, Lantzville, Metro Vancouver, the Fraser Valley, Kelowna and West Kelowna. For those whole will have to pay the annual tax, it amounts to 0.5 per cent of the property’s assessed value for Canadian-resident owners of B.C. property, and two per cent for overseas owners.
Who pays BC speculation tax?
The number of satellite families paying the tax (families with the bulk of their income coming from outside Canada) fell from 2,628 to 1,579. B.C. residents pay a speculation tax of 0.5 per cent, while the rate for foreign owners and satellite families rose to two per cent on Dec. 31, 2019.
How can BC speculation tax be avoided?
In order to avoid paying the Speculation Tax, each owner on title must file a Declaration with the Province of BC every year. The declaration form is mailed every February to people listed as registered owners as at December 31 and is due by March 31.
How do you declare speculation tax?
Time to complete your speculation and vacancy tax declaration
- phone 833-554-2323 (toll-free in Canada and the US) or 604-660-2421 (international), 8 am to 8 pm (Pacific time). Service is available in multiple languages; or.
- email: SpecTaxInfo@gov.bc.ca.
How much is the speculation tax in BC?
Last updated in December of 2019, the speculation tax in B.C. is: 0.5% for Canadian citizens and permanent residents. 2.0% of the property’s assessed value for foreign owners, satellite families, and other non citizens or PR.
How do I declare BC speculation tax?
If you haven’t received your letter yet, contact us. Residential property owners in the designated taxable regions must complete an annual declaration for the speculation and vacancy tax.
- the speculation and vacancy tax declaration letter we sent you.
- your social insurance number (SIN)
- your date of birth.
What is the empty home tax in BC?
The BC Empty Home Tax applies to anybody who owns property in the city of Vancouver. This municipal tax was designed to reduce the number of vacant homes in the area, and the rate was just increased to 3% in 2021 – up from 1.25% in 2020.
What is the difference between speculation tax and empty home tax?
The Speculation Tax makes it compulsory for all owners of a property to file individual declarations. The Empty Homes Tax is specific to the City of Vancouver. If you are not a Vancouver resident, don’t fret, it does not apply to you. Both taxes have varying rates so be aware of any annual changes!
Who pays BC vacancy tax?
The tax is charged on each owner’s share of the assessed value of the residential (class 1) property. If there are 2 joint owners, then each will pay based on 50% of the assessed value.
Can you have two primary residences in Canada?
Despite only allowing one property to be claimed, the rules allow you to have two residences in the same year: i.e., where one residence is sold and another is purchased in the same year.
When can I expect my speculation and vacancy tax letter?
Declaration letters for the 2020 speculation and vacancy tax year have been mailed. Check mailing dates for your area. If you haven’t received your letter yet, contact us. Declaration letters are mailed out to your mailing address in phases based on postal code from January 19 through February 16, 2021.
Is there speculation tax in Whistler?
On New Year’s Eve 2018, the provincial government brought in its Speculation and Vacancy Tax on residential properties in select communities. Surprising to many, Whistler was not one of them. The exclusion of Whistler puzzled many people in the same way the inclusion of Kelowna and West Kelowna puzzled others.
How much is foreign buyers tax in BC?
Calculating the BC Foreign Buyers Tax
You will pay the 20% tax on the fair market value of the whole property if the BC Assessment classifies the entire purchase as a class 1 residential area.
Is Whistler subject to BC speculation tax?
Much has been made of the provincial government’s new “speculation tax” and Whistler’s exemption from it, but it’s still not clear what effects the tax will have in Whistler or elsewhere in the province. … The impact in communities outside of Whistler remains vague as well.