The provincial government’s new Speculation and Vacancy tax will apply to Metro Vancouver (excluding Bowen Island and Lions Bay), Greater Victoria, Nanaimo and Kelowna. The deadline is 31st of March to apply for your exemption. Owners of property within the taxation area will receive letters by the end of February with instructions on how to complete a declaration and register an exemption online.
If you are not exempt from this tax, or you miss the deadline, the tax rate is .5% of assessed value for the 2018 tax period, regardless of your nationality. For 2019 this changes to .5% for Canadian citizens and Permanent Residents, or 2% for foreign owners. You can read more about this new tax here:
Own property in Vancouver? You will also need to complete a declaration for the City of Vancouver’s Empty Homes Tax. The deadline for this is the 4th of February. Should you miss this deadline or are not exempt, the tax is 1% of assessed value.
Have more questions? Please don't hesitate to get in touch.
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