Coming soon to a community near you…
The government of B.C. announced today that the province’s Speculation and Vacancy Tax will apply to 13 more communities effective January 1, 2024. Those communities are:
– Courtenay, Comox, Cumberland;
– Parksville, Qualicum Beach;
– Vernon, Coldstream;
– Penticton, Summerland;
– Lake Country, Peachland;
– Salmon Arm; and
– Kamloops.
As a result, beginning in 2025, all residential property owners in these communities will need to file an annual declaration, even if you are exempt from the tax. (According to the government, 99% of people in B.C. are exempt from the tax, but you will still need to fill out the paperwork every year!) If you and your spouse jointly own your home, each of you need to file the declaration.
You can view the government’s news release here: Speculation Tax.