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

Officer leads the flare in Saanich Police’s social media

Triangle dance latest addition to Saanich Police social media anthology

BC Ferries looks for more feedback on 25-year plan for Swartz Bay

Some suggestions already under consideration include a cycling route, waterfront park

U.S. college bribery scandal shines light on serious problem in Canada

Looking at the bigger picture of marginalization in universities

British Columbia Teachers’ Federation welcomes new leader

Teri Mooring will take over as president this summer

B.C. resident baffled about welcome mat theft

Security footage shows a woman and her dog taking the mat from the property on March 13

2019 BUDGET: As deficit grows, feds spend on job retraining, home incentives

Stronger economy last year delivered unexpected revenue bump of an extra $27.8 billion over six years

Victim succumbs to injuries suffered in Campbell River hit and run

The female pedestrian that was struck in a hit and run on… Continue reading

Trans Mountain court hearing: B.C. says it won’t reject pipelines without cause

Canada says the proposed amendments to B.C.’s Environmental Management Act must be struck down

Carfentanil found in 15% of overdose deaths in January: B.C. coroner

Carfentanil is 100 times more powerful than illicit fentanyl and used to tranquilize elephants

B.C. father fights for his life after flu turns into paralyzing condition

Reisig has lost all motor skills with the exception of slight head, shoulder and face movements.

Suspicious fire in Alert Bay burns two homes, spreads to nearby bush

Police say underage suspects have been identified

Greater Victoria Wanted List for the week of March 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

B.C. wildfire prevention budget bulked up as dry spring unfolds

Night vision goggles tested for early detection effort

Most Read