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BC House Speculation and Vacancy Tax

BC House Speculation and Vacancy Tax

Hello All, 

Jean and Shelly here! We have been fielding some calls this week from some of our fantastic clients and thought we should send out some important updates on the most recent changes with BC housing and the notices many of you will recieve in the mail very soon, if not already!

Effective Jan. 1, 2024, the Province expanded the speculation and vacancy tax areas to 13 new communities and those residential property owners will need to declare for the first time in January 2025. Those NEW areas include:

  • Vernon, Coldstream;

  • Penticton, Summerland;

  • Lake Country, Peachland;

  • Courtenay, Comox, Cumberland;

  • Parksville, Qualicum Beach;

  • Salmon Arm; and

  • Kamloops.

Residential property owners in these communities will need to declare for the first time in January 2025 based on how they used their property in 2024.

 ** Exemptions include primary residences, properties with a long-term tenant and life events, such as separation or divorce and please note that more than 99% of people living in B.C. are exempt from paying the tax.

Attached here is the quick link for you to easily declare from the comfort of your homes!  You will need the numbers sent to you on the notice handy, and your SIN number. 

https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax

We are grateful and do appreciate that you all know you can call us for assistance anytime, for things real estate related or not!   

Please dont hesitate to reach out if you are still needing some assistance with these notices and talk soon. 

 Best, 

Jean and Shelly

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