The Speculation and Vacancy declaration forms must be submitted by March 31, while the latest date of payment is July 2, 2019.
The SVT will affect property owners in the Capital Regional District, excluding the Gulf Islands and Strait of Juan de Fuca, the Metro Vancouver Regional District and other cities including Abbotsford, Chilliwack, Nanaimo, Kelowna, West Kelowna, Mission, and Lantzville.
The tax will vary depending on whether you are a resident or a foreign/satellite owner. The former will pay a tax of 0.5%, while the latter will owe 2% of the property’s value.
99% of British Columbians should not be affected, though. According to the BC government, owners can claim an exemption to avoid paying the tax if they are eligible. Exemptions fall under three major categories: individuals, land under development and corporations, trustees and partners. For the first group, this includes rentals, uninhabitable residencies, separation or divorce, medical reasons, recent death of owner, bankruptcy and many others.
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