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.
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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.
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.