We've heard a lot about the Speculation Tax coming to parts of British Columbia, without know exactly what it is going to look like.
This week the BC Government finally tabled the new Tax, which has yet to be voted on.
The BC areas affected are -:
- municipalities within the Capital Regional District
- municipalities within the Metro Vancouver Regional District, excluding Bowen Island, the Village of Lions Bay and Electoral area A, but including UBC and the University Endowment Lands
- the City of Abbotsford
- the District of Mission
- the City of Chilliwack
- the City of Kelowna and the City of West Kelowna
- the City of Nanaimo and the District of Lantzville
All residential property owners in the designated taxable regions will have to complete an annual declaration to claim any relevant exemptions. Where there are multiple owners of a home, a declaration must be completed for each owner.
Further information on how to declare will...