VANCOUVER (NEWS 1130) – As promised by the province, more than 99 per cent of British Columbians will not be paying the speculation and vacancy tax.
Based on the declarations received so far, foreign owners, satellite families and Canadians living outside of the province make up more than 80 per cent of those paying the tax.
A satellite family is a person or family where the majority of their total worldwide income for the year is not reported on a Canadian tax return.
If you haven’t yet submitted your declaration, you still have time to claim an exemption without penalty.
The tax applies to all non-primary residences left vacant for more than six months of the year. In the 2018 taxable year, it was 0.5 per cent of the home’s assessed value, but rises to two per cent for overseas residents and satellite families in 2019.
With files from Lasia Kretzel.