Does BC's New Speculation Tax Apply to You?
Having trouble understanding the new Speculation Tax? You're not alone.
What is the Speculation Tax? The government explains that it is a tax designed to help make housing markets more affordable and available. How? by taxing vacant properties and homes owned by foreign speculators and satellite families. They promise 99% of British Columbians will be exempt from the tax? Those who do will pay a rate of 0.5% of the property's value (Canadians from other provinces will owe 1%, and foreign speculators 2%).
Does BC's New Speculation Tax Apply to You? If you are a Canadian or permanent resident living in BC follow the governments chart below to find out.