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

Applications open for record bursary, scholarship funding at North Island College

Current and future North Island College students can now apply for scholarships… Continue reading

Second Stage Players present laughter and love in We Are Family

Get your tickets early to see the Evergreen Club’s Second Stage Players’… Continue reading

Verdict gives murder victims’ parents sense of closure

A guilty verdict delivered earlier this week was “like a weight lifted off the chest.”

Thieves break into mailboxes overnight in Courtenay, Comox

Thieves in Comox were busy overnight on March 17, breaking into more… Continue reading

‘Full worm super moon’ to illuminate B.C. skies on first day of spring

Spring has sprung, a moon named in honour of thawing soil marks final super moon until 2020

Comox Valley Hospice Society finds new Ocean Front home

Comox Valley Hospice Society (CVHS) recently announced plans to construct a new… Continue reading

Catch-up immunization aims to stamp out B.C. measles resurgence

Vaccination records to be checked at B.C. schools next fall

Bodies of two missing teens recovered in reservoir along Kootenay river

Volkswagen Beetle drove off the road down a steep embankment and into the Pend d’Oreille River Sunday

Extensive training makes Island man powerlifter a national champ

Age no barrier to bouncing back from nagging back injuries in the past

40 records broken across B.C. as hot streak continues

Abbotsford hottest spot in Canada on Tuesday

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

Night vision goggles tested for early detection effort

Vancouver driver ticketed twice within 6 minutes for same offence

The man was written up by two different officers for using an electronic device

B.C. teacher reprimanded after incident with Grade 11 student in school gym

Gregory Norman Brock was teaching at a high school in the Maple Ridge-Pitt Meadows School District

Most Read