by Mir Khan
on Monday, February 11th, 2019 at 8:30am.
On the topic of Speculation and Vacancy Tax; almost everyone that I meet, asks me two main questions: what is this tax for? and; Will I be paying more taxes now? The answer is simple: Over 99% of British Columbians are estimated to be exempt from the Speculation and Vacancy Tax - you are required to complete an annual declaration (every year to continue to be exempt, if you qualify).
This new annual tax is designed to:
Target foreign and domestic speculators who own residences in B.C. but don’t pay taxes here
Turn empty homes into good housing for people
Raise revenue that will directly support affordable housing
The speculation and vacancy tax is a part of government's 30-Point Plan to make housing more affordable for people in our province.