B.C. Finance Minister Carole James and B.C. Green Party leader Andrew Weaver announce rate reduction for Canadian citizens paying new property tax on homes empty six months of the year or more. (Black Press files)

99% of B.C. homeowners exempt from speculation and vacancy tax

The B.C. government has received nearly all declaration forms to opt out of the 0.5-per-cent tax

Only one per cent of British Columbians will be paying a speculation and vacancy tax, according to the B.C. government.

Based on declarations received so far from homeowners, a majority of those who will be paying the tax are foreign owners, satellite families and Canadians living outside of B.C., the ministry of finance said in a news release Friday.

Exemption forms must be submitted by the end of May and can be completed online or by phoning 1-833-554-2323.

The forms must be filled out by property owners who have homes or extra properties in regions where the taxes are in effect. Every homeowner must register to opt out of the 0.5-per-cent tax.

READ MORE: Seniors with unrentable homes in Belcarra, B.C., face huge speculation tax bills

Those who are not exempt have until July 2 to pay their assessed amount.

The property tax applies to Metro Vancouver, Greater Victoria, and the municipalities of Nanaimo, Lantzville, Abbotsford, Chilliwack, Mission, Kelowna and West Kelowna.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Cannabis framework adjustments could allow up to 14 stores in Penticton

The city policy on retail cannabis stores could see some changes as council examines amendments

Road closures for Penticton Peach City marathon

Road closures will be in effect for parts of Penticton on Sunday

Update: Mother dead, youth in critical condition after carbon monoxide poisoning at Sandy Point Campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Penticton offers free social and fitness program

Weekly program designed for adults aged 55 to 70 with cognitive or developmental disabilities

Penticton Indian Band councillor trying for federal seat

Joan Phillip acclaimed as NDP candidate for Central Okanagan-Similkameen-Nicola

Video: Boating season launches at Penticton’s Skaha Marina

Skaha Marina has new owners, a new plan, and a new attitude

Okanagan adventurer continues motorcycle trip around the world

Vernon local James Leigh recently completed the third of five legs of the journey, travelling through China and Kazakhstan

Riders “step up” their game at Coldstream Equestrian Clinic

Riders from across the Okanagan travelled to Coldstream to train for the 2019 55+ Senior Games, which take place in Kelowna this fall.

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Montreal researchers create audible hockey puck for visually impaired players

Three years ago, Gilles Ouellet came up with the idea for a puck that makes a continuous sound

Boy, 12, arrested after allegedly pulling a knife on another child at a Surrey park

The child was later released into his parents’ custody as Surrey RCMP continue their investigation

ICBC urging drivers to slow down this May long weekend

Speed is number one cause of car crash fatalities: ICBC

Bucks hammer Raptors 125-103 to take 2-0 playoff series lead

Toronto heads home in a hole after second loss to Milwaukee

Full-scale search underway for missing kayaker on Okanagan Lake

Kelowna Paddle Centre member Zygmunt Janiewicz, 71, failed to return from his ‘daily kayak’ on the lake

Most Read