All homeowners in BC’s largest urban centres will need to apply for exemptions from the province’s new Speculation Tax. Failure to do so will result in the tax being applied automatically and the homeowner will receive a bill, whether they are speculators or not. The Ministry of Finance has sent out letters outlining the first Speculation Tax Fees and Exemption Processes. These letters will be arriving at all homes in Metro Vancouver (excluding Bowen Island and Lions Bay), Kelowna, Greater Victoria, and Nanaimo.
It will be up to homeowners to apply for exemptions. The deadline to apply is March 31, 2019. Those who do not apply or qualify for the exemption, will be sent a tax bill with payment due by July 2, 2019. Homeowners will have to apply for the exemption every year.
To learn more about the Speculation and Vacancy Tax, including how to claim your exemption, click here.
City of Vancouver Residents Please Note:
BC's Speculation and Vacancy Tax is separate from the City of Vancouver's Empty Homes Tax. A different exemption application will also need to be submitted to the City of Vancouver to be exempt from the Empty Homes Tax. If you live in the City of Vancouver, you will need to apply for both exemptions separately. Failure to do so could result in a bill for one or both of these taxes. The submission deadline for the Empty Homes Tax exemption is February 4, 2019.
To learn more about the Empty Homes Tax, click here.