Mikaila Rhodes Victoria Realtor®

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Speculation Tax - Claim your Exemption!

Don't forget HOMEOWNERS - The speculation tax is legally approved for residential and recreational property vacancies in designated areas of BC!  *CLAIM YOUR EXEMPTION BY MARCH 31, 2019*


For more information on the designated areas in BC and maps of where the tax applies:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/taxable-regions


The tax will be levied at 0.5% for British Columbians and other Canadian residents who are not members of a satellite family against empty properties. EVERY homeowner in the affected regions must CLAIM YOUR EXEMPTION BY MARCH 31st, 2019! You must complete the form which you will receive by mail or can get online and submit by March 31st, 2019.  


For more information on how to declare and claim your exemption for the speculation and vacancy tax:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/declaration?fbclid=IwAR2ZxXDKHWfE94oDprcJJl5st8Q_GsF1idLkw9Re4NCUpA86jd4tcybONFg


For more information on the individual exemptions for the speculation and vacancy tax:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals#inherited-bought


Owners are exempt from the tax if it is their principal residence, they rent it at least six months of the year (only three months is required in 2018), they are disabled, the property was just inherited, it’s valued under $150,000, or a person was away and it was vacant due to medical reasons, residential care, work or spousal separation.

Condos and apartments in buildings where stratas ban rentals are also exempt, but only for 2018 and 2019, to give stratas time to change their bylaws, according to the ministry. Exemptions are available for First Nations, local governments, charities, co-ops, some not-for-profit organizations, and developers working on construction or renovation of property.


British Columbians with second homes who aren’t exempt will still get a credit intended to cover the tax on the assessed value up to $400,000, with the remaining value of the property then taxed at the full rate!


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