In October 2018, the Finance Minister Carole James introduced the BC Speculation Tax despite the protests of mayors and development communities.
The tax ranges from 0.5% on secondary homes which are left vacant by BC residents, up to 2% on foreign-owned properties.
The Government have recently advised that ALL homeowners are going to be required to file for an exemption and if you miss the March 31 deadline, you will be required to pay the tax.
You should be receiving a letter from the BC Government in the next week or so regarding the new Speculation Tax. Ensure you respond to this letter in order not to be charged.
The Government has supplied maps for areas in BC which are taxable and exempt:
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/taxable-regions
If you have any questions about investment properties, speculation tax or real estate, please don’t hesitate to contact me and I’d be happy to help!