BC SPECULATION TAX VERSUS THE VANCOUVER EMPTY HOMES TAX

There’s no doubt things are getting confusing but it’s important for home owners to keep these two straight.

The BC SPECULATION TAX applies to home owners in the following designated areas only: The Capital Regional District, Metro Vancouver, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo, Lantzville. Due MARCH 31, only those owning property classed as residential and located in a designated taxable region in BC must complete a declaration for the speculation and vacancy tax. If your home is your principal residence, you are exempt but you still must complete a declaration.

The VANCOUVER EMPTY HOMES TAX is for Vancouver residents only. This DOES NOT INCLUDE outer areas such as Richmond, West Vancouver, North Vancouver, Burnaby etc. Like the Speculation tax, the empty homes tax must be declared annually, regardless if you need to pay or not. Most homeowners will be exempt from paying the empty homes tax. The most useful indicators that your property will be exempt is if: a) The property was used as a principal residence by the owner, a family member, or a friend for a minimum of six months or,  b) it was rented for a minimum of six months, or which at least 30 days were consecutive.

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Premier David Eby and BC Minister of Housing Ravi Kahlon have announced that under the new Homes For People action, single family zoning in the province will come to an end as soon as the end of the year. In a move to override zoning regulations traditionally the territory of municipal governments, BC government will allow up to four homes on a traditional family lot enabling homeowners to create multiple suites on their lots - imagine townhomes, duplexes, triplexes becoming commonplace. While the kinks are still being worked out, BC residents can be assured of one thing. Change is coming to our cities and towns. 

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