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Speculation tax declaration deadline fast approaching

Last Updated Mar 25, 2019 at 3:39 pm PDT

A sign advertises a new home for sale in Carleton Place, Ont., on March 17, 2015. THE CANADIAN PRESS/Sean Kilpatrick
Summary

The deadline is March 31

Many won't have to pay it, but the ones who do will face a half per cent tax on the value of their home

VANCOUVER (NEWS 1130) – The deadline for the speculation tax declaration is fast approaching.

In British Columbia, the NDP government’s new tax requires all residential property owners in certain regions to complete a declaration, even if they’re eligible for an exemption.

RELATED: Some middle-class Vancouver homeowners say they’re unfairly targeted by speculation, school taxes

It’s designed to address the housing crisis by deterring housing speculation and preventing homeowners from leaving their properties vacant in urban centres.

86 per cent of property owners have filled out the information so far, with most doing it online.

RELATED: Seniors with unrentable homes in Belcarra call for break from speculation tax

Many won’t have to pay it, but the ones who do will face a half per cent tax on the value of their home.

The deadline for the declaration is March 31.