Majority of speculation tax paid by foreign owners, Canadians living outside B.C., declarations show
Forms submitted so far show 99% of British Columbians are exempt from tax, Ministry of Finance says
The B.C. Ministry of Finance says the vast majority of those paying the speculation and vacancy tax are the people it was intended for — foreign owners, satellite families and Canadians living outside the province — according to the declaration forms submitted so far.
The tax, introduced to target foreign and domestic speculators who own homes in B.C., is part of the government's plan to increase housing affordability in the province.
Any owner of title — including spouses, family members or individuals who hold a piece of estate property — in a major urban centre in B.C. was required to complete a declaration by March 31 to claim an exemption from the tax.
The government says nearly all the declarations have been submitted, and that 99 per cent of British Columbians were exempt from the tax.
It said foreign owners, satellite families and Canadians living outside of B.C. make up 80 per cent of those paying the tax.
There is still time for owners to complete a declaration and claim an exemption. If you fail to qualify for an exemption, payment is due by July 2.