Update: BC Speculation & Vacancy Tax
Did you ever wonder what came out of that BC Speculation & Vacancy Tax? All the information homeowners had to go online and fill out before the March 31st deadline?
Well, the latest reports have come out. More than 12,000 homeowners were required to pay the tax, which was due on July 2nd. The BC Government announced that this tax will deliver more than $100 million dollars "towards British Columbia's housing crisis."
According to the BC Government, those paying the tax are made up of:
- -foreign owners, approximately 38%
- -satellite families, 27%
- -Canadians living outside B.C., 13%
- -BC residents, 20%
- -Corporations or trusts, 2%
Minister of Finance Carole James said "the tax is a key component to the province's 30-point plan to restore housing affordability in B.C."
If you have any questions about this tax, or any other new tax changes that may impact you & your return, feel free to contact us.