What Is The BC Speculation Tax?
What Is The BC Vacancy Tax?
The BC Provincial Government is taking action to address housing affordability using their 30-Point Plan.
The new tax is designed to:
- Target Foreign and Domestic speculators who own residences in BC but don’t pay taxes here
- Turn empty homes into rental housing
- Raise revenue for affordable housing initiatives
Most British Columbians are exempt from this tax. You are exempt from this tax if:
- Your home is your Primary Residence
- Rentals: Must be rented 6 months cumulative
- Special Circumstances like medical care, hospital supportive housing, temporarily absent for work, administrative/probate process
- $2,000 tax credit on properties valued under $400K (pay only on the portion above $400K)
You can claim your exemption online or over the phone. For more information, read this blog post.